巴菲特迄今最成功的六筆投資（雙語）
下面是本站小編整理的英語文章：巴菲特迄今最成功的六筆投資，歡迎大家閱讀!
These days, the thing to say if you want to sound smart about Warren Buffett is that the Oracle of Omaha’s crystal ball has cracked. In mid-October, headlines blared that Buffett had lost $2 billion in just two days on Coke and IBM IBM 0.03% rmind that Buffett has said those investements are long-term holdings, that he hasn’t sold a share of either company’s stock, and that he would prefer it if IBM’s shares stayed cheap, for now. It seemed to reinforce the notion that the world’s great stock picker had lost it.
Last year, the book value of Buffett’s Berkshire Hathaway badly trailed the S&P 500, increasing less than the broad market index over the past five years for the first time in history. Buffett has acknowledged that his hand picked successors Todd Combs and Ted Weschler, have done better in recent years than he has. (Combs’ and Weschler’s market beating performance was the subject of a recent Fortune story.) Earlier this year, The New York Times highlighted a recent study that found Buffett’s ability to do better than the market has mostly disappeared.
And yet, some of Buffett’s best investments of his entire career have been ones he has made in the past few years. What’s more, if Buffett has lost it, someone forgot to tell the market. Share of Berkshire BRK.A 0.46% are way up, have more than doubled in the past five years. That’s generally a reflection of how well investors think Berkshire’s stock market portfolio, still over 85% managed by Buffett and his long-time partner Charlie Munger, as well as the businesses they have bought over the years—including railroad company Burlington Northern, See’s Candies, and dozens of others—are doing. If Buffett has hit a lull, that’s only because the comparison he has built up for himself over the years is tough to top.
Here are Buffett’s greatest investments of all time, ranked by annual average rate of return. It’s a testament to how successful Buffett has been. Even some of Buffett’s best-known investment successes, like Coke KO 1.16% , Capital Cities/ABC, Gillette, and auto insurance company Geico, were not good enough to make the list. Here are the ones that did:
最近在談論巴菲特時，如果你想一鳴驚人，那就說“奧馬哈先知的水晶球失靈”好了。10月中旬，巴菲特在短短兩天內就在可口可樂公司(Coke)和IBM身上損失了20億美元，這一消息一度搶佔了各大媒體的頭條。而巴菲特已經表態，對這兩家公司的股權投資是長期的而且他絲毫沒有減持。他甚至還表示，希望IBM的股價短期內仍保持這麼廉價。這一切似乎讓人更加確信這位世界上最偉大的選股大師已經喪失靈敏了。
去年，巴菲特執掌的伯克希爾哈撒韋公司(Berkshire Hathaway)賬面價值升幅嚴重落後於標準普爾500指數，史上第一次出現五年漲幅落後於該大市指數的情況。巴菲特承認，最近幾年他的表現不如自己親自挑選的繼任者託德•庫姆斯和泰德•威施勒。今年早些時候，《紐約時報》(The New York Times)援引最近的一項研究報道稱，巴菲特跑贏大市的能力已基本消失。
但是，巴菲特整個職業生涯中最成功的幾筆投資都是他在過去幾年中發起的。此外，如果有人說巴菲特不再靈光，那麼他肯定忘了一件事。伯克希爾哈撒韋公司的股價是一路上漲的，過去五年來漲幅超過一倍。這在總體上反映了投資者有多看好伯克希爾哈撒韋公司的股票投資組合(仍有超過85%的股票投資組合由巴菲特和他的長期合作伙伴查理•芒格管理)以及該公司多年來所收購的數十家公司【其中包括鐵路公司伯靈頓北方公司(Burlington Northern)、時思糖果公司(See’s Candies)】。如果硬要說巴菲特遇到了瓶頸，那只是因爲他多年來的輝煌戰績確實很難突破了。
以下是巴菲特史上最成功的幾筆投資，以年度回報率排名。這些交易是巴菲特璀璨投資生涯的最好證明。雖然巴菲特對可口可樂公司、Capital Cities/ABC公司、吉列公司(Gillette)以及汽車保險商Geico等公司的成功投資被業內廣爲傳頌，但它們都沒有好到能登上本榜單的份上。以下是上榜投資案例：
1. PetroChina
Annual average compounded return: 52%
Total return: 720%
Years held: 5
Buffett is known for his "buy what you know" investment mantra, and his consistent praise for America. In last year's annual letter to Berkshire shareholders, Buffett wrote, "America's best days lie ahead." Nonetheless, some of his greatest investments, particularly his recent ones, have been in China. In 2002 and 2003, Berkshire bought 1.3% of China's dominant oil company PetroChinaPTR 1.44% for $488 million. Some questioned the investment. PetroChina's oil fields looked tapped out, and the company, with 400,000 employees, was loaded down with costs. At the time, PetroChina had a market cap of $37 billion. Buffett suspected it was worth $100 billion. Buffett was low. Rising oil prices and new discoveries caused PetroChina's shares to soar. By the time Berkshire sold in 2007, PetroChina's market cap had reached $275 billion, and Berkshire reaped a $3.6 billion gain.
1. 中石油(PetroChina)
年平均複合回報率：52%
總回報率：720%
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後面。”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。有人曾一度質疑這一投資，因爲中石油的油田開發已是強弩之末，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。由於油價上漲和新油田的發現，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)
年平均複合回報率：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製造商比亞迪。他說，比亞迪的CEO王傳福是托馬斯•愛迪生和傑克•韋爾奇(譯註：前通用電氣公司CEO)的化身，解決技術問題時像愛迪生，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。芒格後來說，他認爲電動汽車的普及所需要的時間比許多人認爲得要長，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。六年後，伯克希爾哈撒韋公司至今仍持有比亞迪10%的股份，現在價值近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)
年平均複合回報率：24%
總回報率：1525%
持有期：13年
1988年，他以分拆調整後每股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》雜誌採訪時唱好這隻股票。十年後，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有多好，而是他選擇出售這部分股權的時機。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的回報，這是不明智的。
巴菲特感覺到事情不妙，一年之內，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)因爲持有大量問題抵押貸款而瀕臨破產，不得不申請政府救助。房地美目前股價略高於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.
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
年平均複合回報率：22%
總回報率：1745300%
持有期：49年
1965年，當巴菲特以每股約12美元的價格收購伯克希爾哈撒韋公司時，它是一家紡織企業，也是馬薩諸塞州新貝德福德最大的僱主之一。但它很快就成爲巴菲特旗下的收購工具。
通過伯克希爾哈撒韋公司，巴菲特先收購了一些保險公司，然後是其他各行各業的公司，包括零售商內布拉斯加傢俱商場(Nebraska Furniture Mart)、時思糖果、商品目錄公司東方貿易(Oriental Trading)、冰淇淋品牌Dairy Queen、內衣製造商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聯合收購了番茄醬生產商亨氏食品公司(Heinz)。
1985年，巴菲特關閉了伯克希爾哈撒韋公司的紡織業務，而之前他早就把公司總部搬到了家鄉奧馬哈。伯克希爾哈撒韋公司的真正成功之處在於旗下保險業務產生的現金流與巴菲特超乎常人的投資能力得到了結合。但巴菲特也向世人證明，他有識別管理人才的慧眼，而且奉行無爲而治。只有當企業的確出現問題時，如塗料公司本傑明摩爾(Benjamin Moore)那樣的狀況，巴菲特纔會大力介入。伯克希爾哈撒韋公司目前在《財富》500強企業中排名第四，股價爲21萬美元。
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.富國銀行(Wells Fargo)
年平均複合回報率：21%
總回報率：9417%
持有期：24年
巴菲特是在1990年致股東的公開信中首次披露他在富國銀行(Wells Fargo)的2.9億美元投資。當時銀行股受儲蓄和貸款危機衝擊，巴菲特亮出他招牌式的投資策略，利用市場動盪的機會買進了當時他能發現的最優質銀行股之一。巴菲特說，他自己有個規矩，通常不愛投資銀行類股【但他已經一次又一次地打破了這個規矩，第一次是富國銀行，近期的有美國銀行(Bank of America)和美國合衆銀行(US Bancorp)】，但當時富國銀行實在是太便宜了，不容錯過。
這個決策非常明智。早在1990年，富國銀行市值爲29億美元。它目前的市值爲2750億美元。去年，富國銀行的收益超過了美國國內任何其他銀行。伯克希爾哈撒韋公司仍是富國銀行的第一大外部股東，而富國銀行也希望巴菲特和伯克希爾哈撒韋公司能長期持有其股權。近日，富國銀行的CEO 約翰•斯坦普夫在全美新聞記者俱樂部(National Press Club)發表講話時稱，他已經建議84歲的巴菲特削減鈉的攝入量。巴菲特有常年喝櫻桃可樂和吃牛排的飲食習慣。“當食物送到餐桌上時，沃倫一手抓一個鹽瓶，兩隻瓶子齊刷刷地倒鹽，簡直是暴風雪的節奏。”斯坦普夫告訴聽衆稱：“我來自明尼蘇達州，我說那是暴風雪，就絕對算得上是。”
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:
“I can’t remember what I paid for that first copy of The Intelligent Investor. Whatever the cost, it would underscore the truth of Ben’s adage: Price is what you pay; value is what you get. Of all the investments I ever made, buying Ben’s book was the best (except for my purchase of two marriage licenses).”
6.《聰明的投資者》(The Intelligent Investor)
年平均複合回報率：許多
總回報：450億美元
初次閱讀時：65年前(1949年出版)
巴菲特說，他這輩子做過最好的投資不是某隻股票或債券或房地產，而是買了一本本傑明•格雷厄姆所著的《聰明的投資者》。該書於1949年出版，當年巴菲特就閱讀了此書。後來爲了上格雷厄姆的課，巴菲特申請就讀哥倫比亞大學商學院(Columbia Business School)。巴菲特說，這本書至今仍然是他投資決策的指引，他已經將它推薦給比爾•蓋茨等人。以下是巴菲特在他最近寫給伯克希爾股東哈撒韋公司股東的信中對此書的評論：
“我已經記不清我買第一本《聰明的投資者》花了多少錢。無論花了多少錢，都可以彰顯格雷厄姆書中那句格言的真諦：價格是你支付出去的，價值是你所獲得的。我做過的所有投資之中，買格雷厄姆的這本書就是最好的投資(我買的那兩本結婚證除外)。”
