巴菲特投资美国银行，投资者可否搭车发财

    对于违约在即的国家来说，国际货币基金组织（The International Monetary Fund）无疑是最后的一根救命稻草。然而对于深陷危机的公司来说，亿万富翁沃伦•巴菲特也扮演着同样的角色。

    巴菲特的伯克希尔•哈撒韦公司（Berkshire Hathaway,）曾经在金融危机期间拯救了高盛（Goldman Sachs）和通用电气（GE）之后，这家投资机构再次发力救市。这一次，这家总部位于奥马哈（Omaha）的财团向美国银行（Bank of America, BAC）注资50亿美元，平息了外界对于美国最大的银行资金短缺的种种猜测。

    巴菲特手头最不缺的就是现金，因此对于急切盼望能得到他投资的合作伙伴，他经常会毫不手软地提出苛刻的条件。伯克希尔公司与美国银行的交易条款包括：以6%的年股息向伯克希尔公司出售50,000万股优先股；美国银行可以在任何时候以5%的溢价回购这些股份；而且伯克希尔公司在今后10年时间里的任何时候都可以以每股仅7.14美元的价格购入7亿股美国银行认股权证。

    除了股息较低，这笔交易基本上与伯克希尔同高盛的交易如出一辙。2008年秋天，巴菲特通过购买优先股向高盛注资50亿美元，高盛在今年早些时候已经将股份赎回。投资的股息高达10%，而且伯克希尔公司也享有收购高盛50亿美元的普通股认股权证的权利。

    高盛交易刚过8天，伯克希尔便以购买优先股的方式为GE这位工业巨头打了一针价值30亿美元的强心剂。股息为10%。交易规定通用电气可以在3年后以10%的溢价也就是33亿美元回购股份。与此同时，伯克希尔公司在交易后5年之内的任何时候都可以以每股22.25美元的价格购入30亿美元的普通股认证股权。

    的确，巴菲特不费吹灰之力就能在交易中大获全胜。这也是普通投资者不敢轻易与巴菲特为伍的主要原因所在。下面的图表显示，巴菲特在通用和高盛的交易中赚得盆满钵盈，但普通投资者就算在投资宣布之日购买这两家公司的股票，收益也远不如巴菲特丰厚。

    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.