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(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(Nebraska Furniture Mart)、時思糖果、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)合收購了番茄醬生產(chǎn)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(yè)務，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業(yè)務產(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，而且奉行無為而治。只有當企業(yè)的確出現(xiàn)問題時，如涂料公司本杰明摩爾(Benjamin Moore)那樣的狀況，巴菲特才會大力介入。伯克希爾哈撒韋公司目前在《財富》500強企業(yè)中排名第四，股價為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)

　　年平均復合回報率：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沖擊，巴菲特亮出他招牌式的投資策略，利用市場動蕩的機會買進了當時他能發(fā)現(xiàn)的最優(yōu)質銀行股之一。巴菲特說，他自己有個規(guī)矩，通常不愛投資銀行類股【但他已經(jīng)一次又一次地打破了這個規(guī)矩，第一次是富國銀行，近期的有美國銀行(Bank of America)和美國合眾銀行(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，富國銀行市值為29億美元。它目前的市值為2750億美元。去年，富國銀行的收益超過了美國國內(nèi)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(fā)表講話時稱，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，兩只瓶子齊刷刷地倒鹽，簡直是暴風雪的節(jié)奏。”斯坦普夫告訴聽眾稱：“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: