????3.房地美（Freddie Mac）

????年平均復(fù)合回報(bào)率：24%

????總回報(bào)率：1525%

????持有期：13年

????1988年，他以分拆調(diào)整后每股4美元的價(jià)格向政府支持的抵押貸款保險(xiǎn)巨頭房地美投資了1.08億美元。當(dāng)時(shí)巴菲特對(duì)這家公司有足夠的信心。在投資房地美后不久，他在接受《財(cái)富》雜志采訪時(shí)唱好這只股票。十年后，房地美股價(jià)升至70美元。但巴菲特在房地美的投資最引人注目的也許不是它當(dāng)時(shí)的市場(chǎng)表現(xiàn)有多好，而是他選擇出售這部分股權(quán)的時(shí)機(jī)。2000年，巴菲特作證稱，他此前與房地美當(dāng)時(shí)的CEO勒蘭德?布蘭德塞爾多次會(huì)面，期間意識(shí)到布蘭德塞爾在爭(zhēng)取兩位數(shù)的回報(bào)，這是不明智的。

????巴菲特感覺到事情不妙，一年之內(nèi)，伯克希爾哈撒韋公司拋售了所持房地美的所有股份。2003年，有消息稱，房地美經(jīng)常謊報(bào)其盈利。布蘭德塞爾被迫離開。2008年，在全球金融危機(jī)伊始之際，房地美及其姊妹公司房利美（Fannie Mae）因?yàn)槌钟写罅繂栴}抵押貸款而瀕臨破產(chǎn)，不得不申請(qǐng)政府救助。房地美目前股價(jià)略高于2美元。

????3. Freddie Mac

????Annual average compounded return: 24%

????Total return: 1,525%

????Years held: 13

????Buffett had plenty of conviction when, in 1988, he invested $108 million in Freddie Mac, the giant government-backed mortgage insurance firm, at a split-adjusted $4 a share. Shortly after making the investment, he talked it up in the pages of Fortune magazine. Ten years later, Freddie Mac's shares traded at $70. But perhaps the most notable thing about Buffett's investment in Freddie is not how well it did, but when he sold. In 2000, Buffett testified that he had a series of meetings with Freddie Mac's CEO at the time, Leland Brendsel, in which it was clear to Buffett that Brendsel was unwisely striving for double-digit returns.

????That spelled trouble to Buffett and, within a year, Berkshire had dumped its entire stake in the company. In 2003, news came out that Freddie Mac had regularly misreported its earnings. Brendsel was forced out. In 2008, at the start of the financial crisis, Freddie Mac, along with its sister company Fannie Mae, was on the hook for piles and piles of unwise mortgage loans, and had to be bailed out by the government. Shares of Freddie Mac FMCC 1.98% now trade at just over $2.