結論：危機入市，知易行難！
2013年10月08日 蘋果日報
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| 巴菲特危機入市投資眼光精準，笑納豐厚獲利。法新社 |
【賴宇萍╱綜合外電報導】「股神」巴菲特（Warren Buffett）「危機入市」投資哲學展現卓越績效，2008年金融海嘯爆發後金援多家藍籌企業，5年帶來豐厚報酬約達100億美元（約2954億元台幣），而且金額還在不斷增加。
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| 巴菲特近年危機入市績效 |
6投資稅前淨利率近40%
據《華爾街日報》分析報導指出，巴菲特與其執掌的波克夏海瑟威（Berkshire Hathaway）在金融危機時期共砸下逾250億美元（逾7384億元台幣）投資6大公司，包括生產M&M’s巧克力的糖果大廠MARS、美國銀行（Bank of America）、高盛（Goldman Sachs）、瑞士再保（Swiss Re）、陶氏化學（Dow Chemical）與奇異（General Electric，GE），截至上周，這6筆投資的稅前淨利率已將近40%。
豐厚的回報，具體應證了巴菲特向來強調的投資心法：「在別人貪婪時恐懼，在別人恐懼時貪婪。」
巴菲特接受專訪時表示，從單純的獲利能力來看，「一般投資人如果在那段恐慌時期，也能買入股票，他們在股市的投資成果也會同樣出色」。巴菲特指的正是2008年秋季開始的幾個月、當股票遭到強勁恐慌賣壓的時期，當時包括富國銀行（WELLS FARGO）與美國運通（AMERICAN EXPRESS）在內，巴菲特看好的多家公司，股票都跌到了歷史低點。
巴菲特說：「當大家都在恐慌時，也正是你最好的買入時機。」
「恐慌是最好買入時機」
報導中也指出，其實能夠像巴菲特這樣危機入市，還藉機大賺一筆的投資人並不多。
依照美國財政部網站提供的數據計算，美國政府在金融危機期間，透過「問題資產處理計劃」（Troubled Asset Relief Program，TARP）投資約4200億美元（12.4兆元台幣），也提出了優惠回饋條件的要求，取得可觀的股息收入，共計報酬約500億美元（1.5兆元台幣），回報率僅約12%。
巴菲特危機煉金術 投報率40％
2013-10-08 工商時報 記者林國賓／綜合外電報導
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| 巴菲特危機入市6大投資案 |
巴菲特投資傳奇再添一章！2008年金融危機時期股神巴菲特使出其危機入市的看家本領，共以約252億美元本金投資6家大企業，迄今投資收益已達100億美元，投報率高達近40％，更厲害的是，投資收益未來保證持續增加。
巴菲特最為世人傳訟的一項投資法是危機入市，其要領在於：別人都搶著買時要當心，別人都不敢買時大膽進場。
2008年美國爆發金融危機，巴菲特馬上親身示範教學，密集詮釋這招百戰百勝的投資兵法。
華爾街日報分析指出，2008年10月巴菲特的柏克夏海瑟威投資控股公司出資65億美元給瑪氏食品（Mars）用於收購箭牌（Wrigley）的部份本金，貸款條件包括購買21億美元的箭牌特別股。
日前瑪氏已償還柏克夏44億美元的貸款，估計可讓柏克夏認列至少6.8億美元的獲利，若再加上這幾年每年的配息與債券利息，柏克夏對瑪氏／箭牌的投資迄今投資總收益逼近40億美元。
金融危機當頭，柏克夏也拆借50億美元給高盛，巴菲特爭取到購買每年可配息5億美元的高盛特別股，2011年3月高盛買回特別股時另給柏克夏5億美元當作補償。
總計，高盛投資案迄今為柏克夏進帳17.5億美元的獲利。
除了瑪氏與高盛外，柏克夏2008年金融危機以來也以類似條件貸款投資美國銀行、奇異、陶氏化學與瑞士再保，這6大投資案迄今總共為柏克夏帶進約100億美元的稅前獲利，換算投資報酬率高達40％。
更厲害的是，獲利水位未來保證持續增加。
以美國銀行為例，除了每年約3億美元的配息，柏克夏還擁有以每股7.14美元買進7億股美銀普通股的認股權，以美銀目前14美元股價計算，光是認股權的帳面獲利就近50億美元。
針對這幾大投資案又以大賺收場的戰果，巴菲特上周六接受專訪時一派輕鬆指出：「單純就投資獲利而言，當年那個時間點一般的股民只要敢進場都能有同樣的戰果，這就是當大家都極度恐慌，就是你勇於出手的時候。」
危機入市 股神5年賺百億美元  2013.10.08 【經濟日報╱編譯莊雅婷／綜合外電】 「股神」巴菲特在金融危機期間對許多績優股公司拋出救生圈，五年後這些交易為他賺進至少100億美元。 據華爾街日報（WSJ）分析，繼上周有另一筆可觀進帳後，巴菲特危機入市的投資稅前淨利將近40%。 這個傲人成果再度印證股神的投資準則：「別人貪婪時，你該害怕；但大家都害怕時，你可以貪婪些！」
巴菲特與旗下波克夏公司（Berkshire Hathaway）最近獲得的報酬，來自糖果製造商瑪氏公司（Mars）償還子公司箭牌（Wrigley）於2008年向巴菲特借貸的44億美元。光這筆交易就可望讓巴菲特淨賺至少6.8億美元。 巴菲特近日受訪時表示，敢在市場恐慌時進場，即便是一般投資人也能賺到錢。他指的是2008年秋天，在富國（Wells Fargo）和美國運通等標的跌到空前新低時，加碼買進股票。 相形之下，美國財政部在危機期間挹注問題資產救助計畫（TARP）4,200億美元，但目前只賺了500億美元，報酬率12%。 巴菲特說，他希望能儘快將這筆可觀的報酬，運用在其他有利可圖的投資上。 他說，波克夏將繼續買進股票，以擴大逾千億美元的投資組合規模，因為「股票的表現會優於緊抱現金」。 2008年4月起，信用市場開始緊縮，部分大企業轉向財力雄厚的巴菲特和波克夏公司求援。這些投資從金融危機初期開始，一直延續到景氣復甦。最近一筆交易是2011年借給美國銀行（BofA）50億美元。 除了美銀，波克夏還投資高盛（Goldman Sachs）、瑞士再保（Swiss Re）、陶氏化學（Dow Chemical）和奇異（GE）。 當中許多交易仍持續發放豐厚股利，波克夏也持有這些公司的股權或認股權證，為波克夏帶來數十億美元報酬。 |
Buffett's Crisis-Lending Haul Reaches $10 Billion
Berkshire Hathaway Reaps Benefit From Tossing Lifeline to Handful of Firms
By ANUPREETA DAS CONNECT
Billionaire Warren Buffett tossed lifelines to a handful of blue-chip companies during the financial crisis. Five years later the payoff on those deals is becoming clear: $10 billion and counting.
Mr. Buffett approached that figure after he collected another hefty payment last week, bringing to nearly 40% the pretax income on his crisis-era investments, according to a Wall Street Journal analysis.
The bounty is a vivid illustration of one of Mr. Buffett's favorite investing maxims: "Be fearful when others are greedy, and be greedy when others are fearful."
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Billionaire Warren Buffett tossed lifelines to a handful of blue-chip companies during the financial crisis. Five years later, the payoff on those deals is becoming clear: $10 billion and counting. Anupreeta Das reports. Photo: Getty Images.
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"In terms of simple profitability, an average investor could have done just as well investing in the stock market if they bought during the panic period," Mr. Buffett said in an interview Saturday. He was referring to a monthslong stretch beginning in the fall of 2008 when the stocks of some of his favorite companies, including Wells Fargo WFC -0.94%& Co. and American Express Co., AXP -0.99%fell to historic lows. "You make your best buys when people are overwhelmingly fearful."
But few investors, if any, capitalized on the crisis as expertly.
By comparison, the U.S. government invested about $420 billion through its Troubled Asset Relief Program. The government also demanded beneficial terms and collected sizable dividend payments for a return of about $50 billion, or 12%, thus far, according to the U.S. Treasury's website.
Mr. Buffett said he hopes to use the cash to make other big investments soon that will bring equally attractive returns. Berkshire will continue to buy stocks to add to its portfolio of over $100 billion, because "it's still better to have equities than cash," he said.
But big acquisitions such as the 2010 purchase of railroad operator BNSF Railway Co. for $26 billion have gotten harder to find. As prices have risen along with the economic recovery, Mr. Buffett has publicly lamented the paucity of transformative deals that would allow Berkshire to put some of its cash to use.
Starting with Mars in April of 2008, when credit markets began to tighten in advance of the financial crisis, some big-name companies looked to Mr. Buffett—and Berkshire's huge war chest—as a lender of last resort.
In addition to much-needed capital, the companies acquired something equally valuable: Mr. Buffett's implicit endorsement of their long-term prospects. Shares of these companies generally went up after they revealed Berkshire's involvement.
In six major deals, Berkshire invested a total of about $26 billion. Mr. Buffett used Berkshire's gigantic cash hoard to move swiftly and exact lucrative terms that created a stream of payments from the borrowers.
Mr. Buffett's deal-making started in the early days of the crisis and continued deep into the recovery. The last of the deals was a 2011 loan to Bank of America Corp. BAC -0.87%for $5 billion.
Besides Mars and Bank of America, Berkshire made investments in Goldman Sachs Group Inc., GS -0.78%Swiss Re Ltd., SREN.VX -0.13%Dow Chemical Co., and General Electric Co. GE -1.13%But big acquisitions such as the 2010 purchase of railroad operator BNSF Railway Co. for $26 billion have gotten harder to find. As prices have risen along with the economic recovery, Mr. Buffett has publicly lamented the paucity of transformative deals that would allow Berkshire to put some of its cash to use.
Starting with Mars in April of 2008, when credit markets began to tighten in advance of the financial crisis, some big-name companies looked to Mr. Buffett—and Berkshire's huge war chest—as a lender of last resort.
In addition to much-needed capital, the companies acquired something equally valuable: Mr. Buffett's implicit endorsement of their long-term prospects. Shares of these companies generally went up after they revealed Berkshire's involvement.
In six major deals, Berkshire invested a total of about $26 billion. Mr. Buffett used Berkshire's gigantic cash hoard to move swiftly and exact lucrative terms that created a stream of payments from the borrowers.
Mr. Buffett's deal-making started in the early days of the crisis and continued deep into the recovery. The last of the deals was a 2011 loan to Bank of America Corp. BAC -0.87%for $5 billion.
Several deals are continuing to pay hefty dividends. Berkshire also owns equity stakes in the firms, or warrants to buy them, that add several billion dollars more to the company's return on investments, at least on paper.
Although the warrants on some of these deals effectively came free with Berkshire's purchase of preferred shares, accounting rules require the company to split its cost between the stock and warrants acquired. That means Berkshire records gains differently in its books than a cash-in, cash-out tally adding up to about $10 billion.
As the economy has recovered, and with credit available at more attractive rates, some of the companies have opted to redeem securities owned by Berkshire or adjust the terms in ways favorable to Mr. Buffett.
Dow Chemical, which borrowed $3 billion from Berkshire to help fund the 2009 acquisition of Rohm & Haas, has said buying back the preferred stock is a priority.
Also last week, Berkshire became one of Goldman's largest shareholders with a $2.1 billion stake after the close of a five-year deal in which Berkshire injected $5 billion into the bank.
Berkshire bought 50,000 shares of preferred stock from Goldman that required the bank to pay $500 million in annual dividends. When Goldman redeemed the shares in March 2011, it paid Berkshire an extra $500 million as a premium.
The original deal also gave Berkshire warrants to buy 43.5 million common shares for an additional $5 billion, which would have made the conglomerate Goldman's largest shareholder. In March, the bank amended the terms to give Berkshire a smaller stake without Berkshire having to spend extra dollars.
Berkshire helped Mars finance its $23 billion purchase of Wrigley. The company has sought to refinance parts of its debt since then to take advantage of lower interest rates and an improved credit rating, a spokesman said.
Berkshire contributed $6.5 billion, including $2.1 billion for preferred stock in Wrigley that pays an annual dividend. Berkshire also bought an additional $1 billion of Wrigley debt later. Thus far, the investment is expected to net Berkshire nearly $4 billion, including annual dividends and a prepayment premium since the bonds were due in 2018.
Mr. Buffett's stake in Bank of America could pay off for years. Berkshire invested $5 billion in the bank in 2011, which adds about $300 million in annual pretax income. Bank of America Chief Executive Brian Moynihan recently said he doesn't plan to buy back the preferred shares any time soon. Berkshire also has until 2021 to exercise warrants for 700 million common shares for an additional $5 billion at $7.14 a share. Based on the bank's current stock price of about $14, the warrants create a paper profit of nearly $5 billion.
Write to Anupreeta Das at anupreeta.das@wsj.com
A version of this article appeared October 6, 2013, on page A1 in the U.S. edition of The Wall Street Journal, with the headline: Buffett's Crisis-LendingHaul Reaches $10 Billion.
你恐懼 他貪婪 股神危機入市賺百億
【新唐人2013年10月09日訊】新唐人記者喬安綜合報導
「在別人貪婪的時候謹慎，在別人謹慎的時候貪婪。」這句話是股神巴菲特的著名投資心法，而巴菲特也再次親身證實了這句話的妙用。從2008年金融海嘯爆發至今的5年間，他逢低買進的6檔股票，已經幫他賺足了100億美元。
巴菲特這次「危機入市」的神來之筆，稅前獲利率高達40%，而且利潤還在繼續增加。在金融危機期間，巴菲特砸下250億美元，投資糖果大廠Mars，美國銀行（Bank of America）、高盛（Goldman Sachs）、瑞士再保險（Swiss Re）、陶氏化學（Dow Chemical）以及通用電氣（General Electric）等，如今這筆投資不僅全部回本，更讓巴菲特滾進100億美元的利潤。
2008年，當股票遭到強大賣壓之時，一些巴菲特看好的公司，股票都跌到歷史低點。然而金融市場一片恐慌之際，正是巴菲特實踐他的投資哲學的最佳時機。
巴菲「特」忙 ── 股神先生過去一年都幹了什麼？
資料來源：新浪財經
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