????巴菲特買科技股了？沒錯，他剛剛投資了一家科技巨人，而且一出手就是上百億美元。

????眾所皆知，伯克希爾哈撒韋（Berkshire Hathaway）首席執(zhí)行官沃倫?巴菲特素來對科技股敬而遠(yuǎn)之，但他今天向CNBC電視臺表示，其公司逐步加倉，現(xiàn)已持有IBM的大量股份。伯克希爾今年豪擲約107億美元，買下了6,400萬股IBM股票，相當(dāng)于該公司股票總額的5.5%。

????IBM去年營收將近1,000億美元，在《財富》世界500強(qiáng)榜單（Fortune 500）上位列第18.。如此規(guī)模的大公司市值自然也很可觀，這是巴菲特這次投資的先決條件：他需要為伯克希爾數(shù)以十億美元計的資金找到新的投資方向，小盤股根本就無法吸納伯克希爾的巨額資金，投資起來沒什么意義。

????從今年3月起，巴菲特就耐心地持續(xù)買入IBM股票——6,400萬股的倉位不是一夜就能建成的。根據(jù)他宣布的數(shù)字，6,400萬股共花了107億美元，意味著伯克希爾這筆投資的每股平均買入價是167美元（不過巴菲特本人今天早上在CNBC接受采訪時說是170美元，想必是四舍五入了）。

????上周五，IBM股票收盤價為187.38美元，意味著伯克希爾目前已經(jīng)獲得了超過10%的收益。今年以來，IBM在股市上表現(xiàn)極佳，累計上漲超過25%，相比之下，道瓊斯工業(yè)平均指數(shù)才漲了2%。

????根據(jù)IBM眼下的股價，伯克希爾所持6,400萬股市值略超過120億美元。伯克希爾每年的年報都會將所投資公司根據(jù)股票市值進(jìn)行排名，倘若巴菲特今天將IBM列入其中，它將僅次于可口可樂（Coca-Cola）。伯克希爾目前持有2億股可口可樂股票，市值約為136億美元。

????巴菲特在CNBC侃侃而談，盛贊IBM前任首席執(zhí)行官郭士納帶領(lǐng)該公司走出困境，使其踏上增長軌道，最終又選定了一位一流的繼承人彭明盛——后者于2002年接任。《財富》今年稍早些時候刊發(fā)了一篇關(guān)于彭明盛和IBM的文章【《IBM重振雄風(fēng)》（IBM's Sam Palmisano: A super second act）】。正如文中所說，2002至2010年執(zhí)掌公司期間，他使IBM年度每股盈利增長到11.52美元，擴(kuò)大了IBM的業(yè)務(wù)覆蓋范圍，并拓展了超級計算機(jī)和分析業(yè)務(wù)——嘿，大家應(yīng)該還記得智力競賽節(jié)目《危險邊緣》（Jeopardy）的贏家“沃森”（Watson）吧？

????更重要的是，在取得這些成就之前，彭明盛已經(jīng)將計劃公之于世，他實現(xiàn)了每一個目標(biāo)。巴菲特對此深表贊許。他說，彭明盛“完美踐行了計劃”。

????彭明盛的目標(biāo)之一正是讓股東得到實實在在的回報，途徑既包括分紅——季度分紅2002年以來增加了4倍——也包括回購大量IBM股票。彭明盛任內(nèi)，IBM累計買回了超過30%的股票。

????巴菲特一貫堅信，如果某家公司股價市場估值過低，那就應(yīng)該回購股票。很顯然，他本人和彭明盛都認(rèn)為IBM正是這樣一家公司。早在上世紀(jì)八十年代，巴菲特就曾向《財富》雜志表示，以明智的價格回購股票近乎“測謊儀”，可以檢驗公司管理層是否真的是在為股東的利益行事。

????A tech stock for Buffett? Yes, a very big tech stock, and a walloping part of it, too.

????Warren Buffett, CEO of Berkshire Hathaway and up to now a famous avoider of tech stocks, disclosed today on CNBC that his company has accumulated a huge investment in IBM. Berkshire spent about $10.7 billion this year to buy 64 million IBM shares, acquiring a bold 5.5% stake in the company.

????IBM's nearly $100 billion in revenues last year made it the 18th-largest company in the Fortune 500. Companies of that size, sporting huge market caps as well, are a prerequisite for Buffett when he is doing what he wants to do -- commit billions of Berkshire's money to a new investment. Small-cap stocks just can't absorb enough of Berkshire's dollars to count.

????Buffett has been patiently buying IBM since March -- 64 million shares don't cascade in overnight. On the figures he's announced, $10.7 billion for 64 million IBM (IBM) shares, Berkshire's average cost-per-share works out to about $167 (though Buffett rounded that to $170 in his CNBC conversation this morning).

????IBM's stock closed last Friday at $187.38 a share, which means that Berkshire currently has a gain in its position of more than 10%. IBM has been a strong market leader this year, rising more than 25% versus a 2% rise for the Dow Jones Industrials.

????At IBM's current price, Berkshire's 64 million shares have a market value of a little more than $12 billion. Were Buffett today to list Berkshire's (BRKA) largest stockholdings, as he does every year in the company's annual report, IBM would rank behind only Coca-Cola (KO). Berkshire's 200 million shares of Coke have a current market value of about $13.6 billion.

????Talking on CNBC, Buffett complimented Lou Gerstner for picking IBM up off the ground, setting it on a growth path, and ultimately picking a first-class successor, Sam Palmisano, who became CEO in 2002. As Fortune noted in an article about Palmisano and IBM early this year (IBM's Sam Palmisano: A super second act), he has since 2002 powered earnings to $11.52 per share in 2010, broadened IBM's geographical reach, and expanded the company's supercomputing and analytics businesses—hello, Jeopardy champ Watson.

????What's more, Buffett approvingly noted that Palmisano has done it all with a stated, publicized plan and met every objective. Buffett said that Palmisano has "delivered big-time."

????One of Palmisano's goals was to return money to shareholders, both by raising IBM's dividend -- it's quintupled since 2002 -- and repurchasing large quantities of IBM's stock. In Palmisano's tenure, IBM has bought more than 30% of its shares.

????Buffett has always been a strong believer in companies buying their own stock when it's undervalued, which clearly both he and Palmisano have considered IBM to be. Commenting to Fortune in the 1980s about stock buybacks made at intelligent prices, Buffett said they were close to "a polygraph" for determining whether a management was acting in the shareholders' interest.