????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，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的公司，包括零售商內布拉斯加家具商場（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于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，而且奉行無為而治。只有當企業的確出現問題時，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強企業中排名第四，股價為21萬美元。

????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.