巴菲特迄今最成功的六筆投資（雙語(yǔ)）(3)

　　Buffett shuttered the textile business in 1985, and he moved the company's headquarters to his hometown, Omaha, long before then. The true success of Berkshire is the combination of the cash generated by its insurance business and Buffett's ability to invest that cash far better than anyone else on the planet. But Buffett has also proven good at picking managers and having a light touch. Only when companies prove to be a problem, like paint company Benjamin Moore, has Buffett swooped in. Buffett's conglomerate now ranks fourth on the Fortune 500 and now has a stock price of $210,000.

　　4. 伯克希爾哈撒韋公司

　　年平均復(fù)合回報(bào)率：22%

　　總回報(bào)率：1745300%

　　持有期：49年

　　1965年，當(dāng)巴菲特以每股約12美元的價(jià)格收購(gòu)伯克希爾哈撒韋公司時(shí)，它是一家紡織企業(yè)，也是馬薩諸塞州新貝德福德最大的雇主之一。但它很快就成為巴菲特旗下的收購(gòu)工具。

　　通過(guò)伯克希爾哈撒韋公司，巴菲特先收購(gòu)了一些保險(xiǎn)公司，然后是其他各行各業(yè)的公司，包括零售商內(nèi)布拉斯加家具商場(chǎng)(Nebraska Furniture Mart)、時(shí)思糖果、商品目錄公司東方貿(mào)易(Oriental Trading)、冰淇淋品牌Dairy Queen、內(nèi)衣制造商Fruit of the Loom、鐵路公司伯靈頓北方等等。最近伯克希爾哈撒韋公司與巴西投資公司3G聯(lián)合收購(gòu)了番茄醬生產(chǎn)商亨氏食品公司(Heinz)。

　　1985年，巴菲特關(guān)閉了伯克希爾哈撒韋公司的紡織業(yè)務(wù)，而之前他早就把公司總部搬到了家鄉(xiāng)奧馬哈。伯克希爾哈撒韋公司的真正成功之處在于旗下保險(xiǎn)業(yè)務(wù)產(chǎn)生的現(xiàn)金流與巴菲特超乎常人的投資能力得到了結(jié)合。但巴菲特也向世人證明，他有識(shí)別管理人才的慧眼，而且奉行無(wú)為而治。只有當(dāng)企業(yè)的確出現(xiàn)問(wèn)題時(shí)，如涂料公司本杰明摩爾(Benjamin Moore)那樣的狀況，巴菲特才會(huì)大力介入。伯克希爾哈撒韋公司目前在《財(cái)富》500強(qiáng)企業(yè)中排名第四，股價(jià)為21萬(wàn)美元。

　　5. Wells Fargo

　　Annual average compounded return: 21%

　　Total return: 9,417%

　　Years held: 24

　　Buffett first announced his $290 million investment in Wells Fargo WFC 1.20% in his 1990 annual letter to shareholders. Bank stocks were being battered by the savings and loan crisis, and Buffett characteristically took advantage of the market turmoil to buy into one of the highest quality banks he could find.

　　Buffett said that, as a rule, he generally doesn't like to invest in banks (a rule that he has broken again and again, first with Wells but more recently with Bank of America BAC 0.76% and US Bancorp USB 1.09% ) but Wells was too much of a bargain to pass up.

　　That was a good call. Back in 1990, Wells Fargo had a market capitalization of $2.9 billion. It is now worth $275 billion. Last year, it earned more money than any other bank in the country. Berkshire is still Wells Fargo's largest outside shareholder, and Wells would like Buffett and Berkshire to stick around. Recently, Wells Fargo's CEO John Stumpf told an audience at the National Press Club that he advised the 84-year-old Buffett, who classically subsists on a diet of Cherry Cokes and steak, to cut back on his sodium intake. “When the food comes, Warren grabs a salt shaker in his left hand and one in his right, and it’s a snowstorm," Stumpf told the crowd. "And I know a snowstorm when I see one because I’m from Minnesota.”

　　5.富國(guó)銀行(Wells Fargo)

　　年平均復(fù)合回報(bào)率：21%

　　總回報(bào)率：9417%

　　持有期：24年

　　巴菲特是在1990年致股東的公開(kāi)信中首次披露他在富國(guó)銀行(Wells Fargo)的2.9億美元投資。當(dāng)時(shí)銀行股受儲(chǔ)蓄和貸款危機(jī)沖擊，巴菲特亮出他招牌式的投資策略，利用市場(chǎng)動(dòng)蕩的機(jī)會(huì)買(mǎi)進(jìn)了當(dāng)時(shí)他能發(fā)現(xiàn)的最優(yōu)質(zhì)銀行股之一。巴菲特說(shuō)，他自己有個(gè)規(guī)矩，通常不愛(ài)投資銀行類(lèi)股【但他已經(jīng)一次又一次地打破了這個(gè)規(guī)矩，第一次是富國(guó)銀行，近期的有美國(guó)銀行(Bank of America)和美國(guó)合眾銀行(US Bancorp)】，但當(dāng)時(shí)富國(guó)銀行實(shí)在是太便宜了，不容錯(cuò)過(guò)。

　　這個(gè)決策非常明智。早在1990年，富國(guó)銀行市值為29億美元。它目前的市值為2750億美元。去年，富國(guó)銀行的收益超過(guò)了美國(guó)國(guó)內(nèi)任何其他銀行。伯克希爾哈撒韋公司仍是富國(guó)銀行的第一大外部股東，而富國(guó)銀行也希望巴菲特和伯克希爾哈撒韋公司能長(zhǎng)期持有其股權(quán)。近日，富國(guó)銀行的CEO 約翰•斯坦普夫在全美新聞?dòng)浾呔銟?lè)部(National Press Club)發(fā)表講話時(shí)稱(chēng)，他已經(jīng)建議84歲的巴菲特削減鈉的攝入量。巴菲特有常年喝櫻桃可樂(lè)和吃牛排的飲食習(xí)慣。“當(dāng)食物送到餐桌上時(shí)，沃倫一手抓一個(gè)鹽瓶，兩只瓶子齊刷刷地倒鹽，簡(jiǎn)直是暴風(fēng)雪的節(jié)奏。”斯坦普夫告訴聽(tīng)眾稱(chēng)：“我來(lái)自明尼蘇達(dá)州，我說(shuō)那是暴風(fēng)雪，就絕對(duì)算得上是。”

　　6. The Intelligent Investor

　　Annual average compounded return: A lot

　　Total return: $45 billion

　　Years since read: 65 (published in 1949)

　　Buffett has said the best investment he ever made was not a stock or a bond or even in real estate, but buying a copy of The Intelligent Investor, a book written by Benjamin Graham. Buffett read the book when it came out in 1949 and later enrolled at Columbia Business School in order to take classes with Graham. Buffett says the book still guides his investment decisions today, and he has recommended it to Bill Gates, among others. Here's what Buffett had to say about the book in his most recent letter to Berkshire shareholders: