第一次！巴菲特5年期回报率不敌标普500

    2013年，伯克希尔的售股力度小了一些，股票净新增投资额略增至约47亿美元。有近10亿美元投入到巴菲特的第一重仓股富国银行（Wells Fargo），2013年底伯克希尔手头持有的这只股票价值高达220亿美元。巴菲特没有调整另外两只重仓股可口可乐（Coca-Cola）)和美国运通（American Express）的持股数量，只是略微增持了IBM股票。

    巴菲特在致股东信中还介绍了另一只重仓股：美国银行（Bank of America）。伯克希尔拥有的认股权证可在2021年9月前以50亿美元购买7亿股美国银行股票。2013年底，这些股票价值109亿美元。巴菲特在致股东信中表示，美国银行适合成为伯克希尔的第五大重仓股，还补充说，“我们非常看好它的价值”。

    撇开持股详情不谈，推动伯克希尔庞大持股走高的是2013年整体股市大涨。2013年年初，伯克希尔持有877亿美元的普通股，加上年内净新增股票投资47亿美元，2013年底持有普通股价值达到1175亿美元。这个数字不包括去年伯克希尔投资122.5亿美元的亨氏（Heinz）优先股、普通股和认股权证。（关于巴菲特持有的亨氏权益，请参见《财富》（Fortune）杂志史蒂芬•甘德尔的这篇文章。

    我们还可以换一种方式来看2013年伯克希尔的普通股投资。2013年初，伯克希尔持有的普通股未实现收益约380亿美元。到2013年12月31日，未实现收益达到了610亿美元。

    巴菲特将伯克希尔股市收益归功于近几年招募的投资副手托德•康布斯和泰德•韦斯勒。巴菲特在致股东信中表示，2013年两人都轻松超越了标普500指数的表现。两个人每人都管理着超过70亿美元的投资组合。

    与一年前一样，巴菲特承认这两个人的投资表现好于他自己。他补充说，如果这种“令人尴尬的对比”继续下去，我毫无选择，只能避而不谈这两个人。（财富中文网）

    本文作者、《财富》资深自由撰稿人卡罗尔•卢米斯是沃伦•巴菲特的多年好友，负责免费起草巴菲特每年的“致股东信”，也是伯克希尔-哈撒韦公司的股东。

    While Berkshire was selling stocks in 2013 to a minor degree, it was concurrently putting a slightly larger amount of net new money, about $4.7 billion, into them. Nearly $1 billion of that went into Buffett's biggest holding, Wells Fargo (WFC), whose value to Berkshire at the end of the year was a colossal $22 billion. Buffett didn't touch his share-count in two other monster stakes, Coca-Cola (KO) and American Express (AXP), and bought just a few more shares in a third, IBM (IBM).

    Buffett also used his letter to introduce another giant stationed in the wings: Bank of America (BAC). Berkshire owns warrants that entitle it to buy 700 million shares of BofA for $5 billion at any time prior to September 2021. And at year-end 2013, those shares were worth $10.9 billion. Bank of America, said Buffett in his shareholder letter, was therefore suiting up to become Berkshire's fifth largest equity investment—"and one," he added, "we value highly."

    Overpowering all of these Berkshire details was the stock market surge of 2013, which carried the company's mammoth equity holdings with it. Berkshire began the year with $87.7 billion in common stocks, added that $4.7 billion in net new money, and ended 2013 with $117.5 billion in common stocks. And that dollar figure doesn't include Berkshire's $12.25 billion investment last year in preferred stock, common stock, and warrants of Heinz. (For more about Buffett's interest in Heinz, read this story by Fortune's Stephen Gandel.)

    Here's another way to look at Berkshire's common stock experience in 2013. At the beginning of the year, Berkshire had about $38 billion of unrealized gains on its common stocks. By Dec. 31, it had $61 billion.

    Buffett is quick to give credit for Berkshire's stock market gains to the two investment lieutenants he hired in the last few years, Todd Combs and Ted Weschler. Both, Buffett says in his letter, handily outperformed the S&P 500 in 2013. And each is now running a portfolio that exceeds $7 billion.

    As he did a year ago, Buffett confesses that their investments outdid his own. If such "humiliating comparisons" continue, he adds, "I'll have no choice but to cease talking about them."

    Fortune senior editor-at-large Carol Loomis, who wrote this article, is a longtime friend of Warren Buffett's, the pro bono editor of his annual letter to shareholders, and a Berkshire Hathaway shareholder.