巴菲特迄今最成功的六笔投资（双语）(2)

　　持有期：5年

　　谈到巴菲特，人们总会想到他的投资箴言——“买你看得懂的公司”。此外，大家都知道他一直唱多美国。在去年致伯克希尔哈撒韦公司股东的公开信中，巴菲特写道：“美国最好的日子还在后面。”但是，他的一些最成功的投资，尤其是最近的成功投资都在中国。在2002年和2003年，伯克希尔哈撒韦公司累计斥资4.88亿美元买入中石油1.3%的股权。有人曾一度质疑这一投资，因为中石油的油田开发已是强弩之末，而且它拥有40万名员工，成本高居不下。当时，中石油市值有370亿美元。而巴菲特估计其价值1000亿美元。巴菲特的这一估值实际上算是偏低了。由于油价上涨和新油田的发现，中国石油股价大幅上扬。到伯克希尔哈撒韦公司在2007年出售这部分股权时，中国石油的市值已高达2750亿美元，这让伯克希尔撒韦公司大赚36亿美元。

　　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. 比亚迪(BYD)

　　年平均复合回报率：41%

　　总回报率：671%

　　持有期：6年

　　巴菲特近几年最成功的一笔投资是长期追随他的副手查理•芒格提议的。2008年，芒格向巴菲特推荐了中国汽车动力电池制造商比亚迪。他说，比亚迪的CEO王传福是托马斯•爱迪生和杰克•韦尔奇(译注：前通用电气公司CEO)的化身，解决技术问题时像爱迪生，行事风格则像韦尔奇。芒格说：“我以前从未见到过这样的人才。”

　　2008年末，伯克希尔哈撒韦公司以2.3亿美元收购了比亚迪10%的股权。芒格后来说，他认为电动汽车的普及所需要的时间比许多人认为得要长，但他表示对王传福有充分的信心。而他和巴菲特的这份信任也获得了回报。六年后，伯克希尔哈撒韦公司至今仍持有比亚迪10%的股份，现在价值近18亿美元。

　　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)

　　年平均复合回报率：24%

　　总回报率：1525%

　　持有期：13年

　　1988年，他以分拆调整后每股4美元的价格向政府支持的抵押贷款保险巨头房地美投资了1.08亿美元。当时巴菲特对这家公司有足够的信心。在投资房地美后不久，他在接受《财富》杂志采访时唱好这只股票。十年后，房地美股价升至70美元。但巴菲特在房地美的投资最引人注目的也许不是它当时的市场表现有多好，而是他选择出售这部分股权的时机。2000年，巴菲特作证称，他此前与房地美当时的CEO勒兰德•布兰德塞尔多次会面，期间意识到布兰德塞尔在争取两位数的回报，这是不明智的。

　　巴菲特感觉到事情不妙，一年之内，伯克希尔哈撒韦公司抛售了所持房地美的所有股份。2003年，有消息称，房地美经常谎报其盈利。布兰德塞尔被迫离开。2008年，在全球金融危机伊始之际，房地美及其姊妹公司房利美(Fannie Mae)因为持有大量问题抵押贷款而濒临破产，不得不申请政府救助。房地美目前股价略高于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.