????2013年，伯克希爾的售股力度小了一些，股票凈新增投資額略增至約47億美元。有近10億美元投入到巴菲特的第一重倉股富國銀行（Wells Fargo），2013年底伯克希爾手頭持有的這只股票價值高達220億美元。巴菲特沒有調(diào)整另外兩只重倉股可口可樂（Coca-Cola）)和美國運通（American Express）的持股數(shù)量，只是略微增持了IBM股票。

????巴菲特在致股東信中還介紹了另一只重倉股：美國銀行（Bank of America）。伯克希爾擁有的認股權(quán)證可在2021年9月前以50億美元購買7億股美國銀行股票。2013年底，這些股票價值109億美元。巴菲特在致股東信中表示，美國銀行適合成為伯克希爾的第五大重倉股，還補充說，“我們非常看好它的價值”。

????撇開持股詳情不談，推動伯克希爾龐大持股走高的是2013年整體股市大漲。2013年年初，伯克希爾持有877億美元的普通股，加上年內(nèi)凈新增股票投資47億美元，2013年底持有普通股價值達到1175億美元。這個數(shù)字不包括去年伯克希爾投資122.5億美元的亨氏（Heinz）優(yōu)先股、普通股和認股權(quán)證。（關(guān)于巴菲特持有的亨氏權(quán)益，請參見《財富》（Fortune）雜志史蒂芬?甘德爾的這篇文章。

????我們還可以換一種方式來看2013年伯克希爾的普通股投資。2013年初，伯克希爾持有的普通股未實現(xiàn)收益約380億美元。到2013年12月31日，未實現(xiàn)收益達到了610億美元。

????巴菲特將伯克希爾股市收益歸功于近幾年招募的投資副手托德?康布斯和泰德?韋斯勒。巴菲特在致股東信中表示，2013年兩人都輕松超越了標(biāo)普500指數(shù)的表現(xiàn)。兩個人每人都管理著超過70億美元的投資組合。

????與一年前一樣，巴菲特承認這兩個人的投資表現(xiàn)好于他自己。他補充說，如果這種“令人尷尬的對比”繼續(xù)下去，我毫無選擇，只能避而不談這兩個人。（財富中文網(wǎng)）

????本文作者、《財富》資深自由撰稿人卡羅爾?盧米斯是沃倫?巴菲特的多年好友，負責(zé)免費起草巴菲特每年的“致股東信”，也是伯克希爾-哈撒韋公司的股東。

????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.