????由于媒體和股市專家們都喜歡“巴菲特買入……”這樣的新聞，我們時不時地就會看到這樣的重磅標題。但很多時候，這些標題并不準確，原因很簡單，除了巴菲特，在伯克希爾哈撒韋（Berkshire Hathaway）還有其他人也在買入。而且，過去幾年，這種混淆視聽的情況更為嚴重了。

????很多年來，在伯克希爾哈撒韋，盧?辛普森一直是除了巴菲特以外的另一個買入者。他買入的股票總是會被歸為巴菲特投資。我還記得很清楚，2007年的一天，《財富》雜志（Fortune）的汽車版記者艾利克斯?泰勒很驚訝地打電話給我，問“巴菲特在買入二手車零售商Carmax的股票嗎？”沒這回事，我告訴他。當時那筆投資規模相對較小，只有約2.60億美元，說明買入者是辛普森。艾利克斯查清了事實，在此基礎上寫了一篇不錯的報道，澄清了這筆交易出自辛普森、而不是巴菲特之手。

????2010年，辛普森帶著巴菲特的致敬和感謝從伯克希爾退休了。伯克希爾迎來了一位新的投資經理、前康涅狄格州對沖基金Castle Point Management資本管理公司首席執行官托德?康布斯【參見《康布斯，歡迎來到奧馬哈》（Welcome to Omaha, Todd Combs）】。2011年，康布斯一直在為伯克希爾進行了投資買入。伯克希爾向美國證券交易委員會（SEC）提交13F表格后，媒體就突然報出了“巴菲特買進萬事達（MasterCard）股票”、Visa股票或Dollar General股票等新聞。唉，這些可都是康布斯買的，不是巴菲特。

????2011年晚些時候，巴菲特又請到了當時管理著弗吉尼亞州夏洛茨維爾一家對沖基金半島資本顧問（Peninsula Capital Advisors）的泰德?韋斯切勒，加盟伯克希爾的投資團隊 【參見《從慈善晚宴標王到股神新接班人》（Meet Ted Weschler: Buffett auction winner, Berkshire's new hire）】。韋斯切勒隨后開始著手關閉自己的基金，計劃2012年初正式加入伯克希爾。他希望在伯克希爾的新組合能繼續持有一些他原來基金中所持有的一些股票。為此，他在征得了巴菲特的同意后，于2011年底將其中一些股票直接劃轉到了伯克希爾。這些股票將是韋斯切勒在伯克希爾的新組合所持有的最早一批股票，預計整個組合規模將與康布斯的組合相當，后者目前為17.5億美元。

????幾周前，伯克希爾提交了2011年底的13F表格，又有媒體開始報道“巴菲特買入DirecTV股票”、腎透析中心運營商DaVita的股票或Liberty Media股票。把這些投資記在巴菲特的名下，完全是個誤會。所有這些都是韋斯切勒所持股票，且轉自半島資本。

????那么，如果巴菲特2011年沒有買入DirecTV股票，沒有買入Visa股票或上述其他股票，他到底買入了哪些股票呢？正如一段時間以來所有人都知道的那樣，答案是IBM。2011年伯克希爾花了近110億美元買IBM股票，到年底，伯克希爾在這只股票上已賺了約9億美元。

????巴菲特在致股東的公開信中特別提到了其他三項投資。一是伯克希爾對重倉股富國銀行（Wells Fargo）再增倉10億美元，總建倉成本增至略高于90億美元，在富國銀行的持股比提高到了7.6%。巴菲特稱銀行業已經“重新站起來”，富國銀行正在“蓬勃發展”。

????Because the press and stock-market pundits like headlines that begin "Buffett Buys…," big-type assertions of that precise kind often appear. But such headlines are all too often wrong, for the simple reason that other people besides Buffett do some of the buying at Berkshire Hathaway. Moreover, the confusion has compounded in the last couple of years.

????For many years Lou Simpson was the other buyer besides Buffett. Purchases that he made were often attributed to Buffett. I well remember the 2007 day that Fortune's automobile writer, Alex Taylor, called me in astonishment, asking, "Buffett is buying Carmax stock?" No, I said, the relatively small size of the stake—around $260 million—suggested the buyer was Simpson. Alex checked out the facts and got a nice story out of Buffett-it-wasn't, Simpson-it-was.

????Simpson retired from Berkshire (BRKA) in 2010. But as he was leaving, taking with him salutes and thanks from Buffett, into Berkshire came new hire Todd Combs, who had previously run Connecticut hedge fund Castle Point Management. (See also: Welcome to Omaha, Todd Combs). Combs made his purchases for Berkshire throughout 2011. When Berkshire filed its 13Fs with the SEC, there were suddenly headlines that said "Buffett Buys MasterCard," or Visa, or Dollar General (DG). Alas, those were all Combs' purchases, not Buffett's.

????Later in 2011, Buffett hired Ted Weschler, who was then running a Charlottesville, Virginia, hedge fund called Peninsula Capital Advisors, to join the Berkshire investment team. (See also: Meet Ted Weschler: Buffett auction winner, Berkshire's new hire). Weschler proceeded to start shutting down his fund, planning to do that by early 2012. He had certain stocks in his old fund that he wanted to have in his new Berkshire portfolio. So he secured Buffett's okay to simply transfer some of his stocks to Berkshire, doing that in the last weeks of 2011. These were to be the beginnings of the Berkshire portfolio that Weschler will run and that is expected to be about the size of Combs' portfolio, which is now at the $1.75 billion level.

????When Berkshire's 13F filing for yearend 2011 was made a few weeks ago, headlines began to appear that said, "Buffett Buys DirecTV," or DaVita (which runs kidney dialysis centers), or Liberty Media. Not true insofar as Buffett is concerned. All of those are Weschler positions, transferred over from Peninsula in its final days.

????So if Buffett wasn't buying DirecTV (DTV) in 2011 or Visa (V) or any of the others described above, what was he buying? The huge answer, as everybody has known for a while, is IBM (IBM), into which Berkshire poured close to $11 billion in 2012. By the end of the year, Berkshire had a gain of about $900 million in Big Blue.

????Buffett singled out three other investments for special comment in his chairman's letter. One was an addition of $1 billion that Berkshire made to its already large holdings of Wells Fargo (WFC), raising its cost basis to just over $9 billion and its ownership of the company to 7.6%. Buffett described banking as "back on its feet" and Wells as "prospering."