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對(duì)于違約在即的國家來說，國際貨幣基金組織（The International Monetary Fund）無疑是最后的一根救命稻草。然而對(duì)于深陷危機(jī)的公司來說，億萬富翁沃倫?巴菲特也扮演著同樣的角色。

巴菲特的伯克希爾?哈撒韋公司（Berkshire Hathaway,）曾經(jīng)在金融危機(jī)期間拯救了高盛（Goldman Sachs）和通用電氣（GE）之后，這家投資機(jī)構(gòu)再次發(fā)力救市。這一次，這家總部位于奧馬哈（Omaha）的財(cái)團(tuán)向美國銀行（Bank of America, BAC）注資50億美元，平息了外界對(duì)于美國最大的銀行資金短缺的種種猜測(cè)。

巴菲特手頭最不缺的就是現(xiàn)金，因此對(duì)于急切盼望能得到他投資的合作伙伴，他經(jīng)常會(huì)毫不手軟地提出苛刻的條件。伯克希爾公司與美國銀行的交易條款包括：以6%的年股息向伯克希爾公司出售50,000萬股優(yōu)先股；美國銀行可以在任何時(shí)候以5%的溢價(jià)回購這些股份；而且伯克希爾公司在今后10年時(shí)間里的任何時(shí)候都可以以每股僅7.14美元的價(jià)格購入7億股美國銀行認(rèn)股權(quán)證。

除了股息較低，這筆交易基本上與伯克希爾同高盛的交易如出一轍。2008年秋天，巴菲特通過購買優(yōu)先股向高盛注資50億美元，高盛在今年早些時(shí)候已經(jīng)將股份贖回。投資的股息高達(dá)10%，而且伯克希爾公司也享有收購高盛50億美元的普通股認(rèn)股權(quán)證的權(quán)利。

高盛交易剛過8天，伯克希爾便以購買優(yōu)先股的方式為GE這位工業(yè)巨頭打了一針價(jià)值30億美元的強(qiáng)心劑。股息為10%。交易規(guī)定通用電氣可以在3年后以10%的溢價(jià)也就是33億美元回購股份。與此同時(shí)，伯克希爾公司在交易后5年之內(nèi)的任何時(shí)候都可以以每股22.25美元的價(jià)格購入30億美元的普通股認(rèn)證股權(quán)。

的確，巴菲特不費(fèi)吹灰之力就能在交易中大獲全勝。這也是普通投資者不敢輕易與巴菲特為伍的主要原因所在。下面的圖表顯示，巴菲特在通用和高盛的交易中賺的盆滿缽盈，但普通投資者就算在投資宣布之日購買這兩家公司的股票，收益也遠(yuǎn)不如巴菲特豐厚。

The International Monetary Fund is known as the lender of last resort to countries on the brink of default. Billionaire investor Warren Buffet might as well be known as the same for companies in crisis.

After rescuing Goldman Sachs (GS) and General Electric (GE) during the depths of the financial crisis, Buffett's Berkshire Hathaway (BRKA) is swooping in to reassure markets once more. This time, the Omaha-based conglomerate run by Buffett is investing $5 billion in Bank of America (BAC), allaying widespread fears that the biggest U.S. bank lacks sufficient capital.

Buffett has boatloads of cash on hand, so it's no surprise to find him in position to squeeze lofty terms out of partners that desperately need the sterling imprimatur of his investment. Berkshire's deal with BofA includes: buying 50,000 preferred shares of the bank at a dividend of 6% a year; BofA can buy back the investment at any time by paying Buffett a 5% premium; and, Berkshire will get warrants to buy 700 million BofA shares at an exercise price of just over $7.14 a share, with the ability to exercise any time in the next 10 years.

The deal almost mirrors Berkshire's agreement with Goldman Sachs, except that the dividend is smaller in the BofA deal. In the Fall of 2008, Buffett propped up Goldman with a $5 billion investment via purchase of preferred stock that was repaid earlier this year. The investment paid a 10% dividend, and provided Berkshire with warrants to buy up to $5 billion of Goldman common shares.

Eights days after the Goldman deal, Berkshire gave GE a vote of confidence by investing $3 billion via purchase of the industrial giant's preferred stock. The stock paid a dividend of 10%. The deal also gave GE the ability to buy back the shares from Buffett after three years by paying a 10% premium or $3.3 billion. Also, Berkshire received warrants to buy $3 billion of GE common stock for $22.25 a share at any time over the next five years.

Indeed, Buffett can win the game before ever stepping up to bat. Which may be all the more reason for regular investors to be wary of riding his coattails. Just look at the charts below. Buffett has earned billions on deals with GE and Goldman Sachs, but if you bought the stocks the same day Buffett announced his investments in the companies, your returns have been less spectacular.