????最近在談論巴菲特時，如果你想一鳴驚人，那就說“奧馬哈先知的水晶球失靈”好了。10月中旬，巴菲特在短短兩天內就在可口可樂公司（Coke）和IBM身上損失了20億美元，這一消息一度搶占了各大媒體的頭條。而巴菲特已經表態，對這兩家公司的股權投資是長期的而且他絲毫沒有減持。他甚至還表示，希望IBM的股價短期內仍保持這么廉價。這一切似乎讓人更加確信這位世界上最偉大的選股大師已經喪失靈敏了。

????去年，巴菲特執掌的伯克希爾哈撒韋公司（Berkshire Hathaway）賬面價值升幅嚴重落后于標準普爾500指數，史上第一次出現五年漲幅落后于該大市指數的情況。巴菲特承認，最近幾年他的表現不如自己親自挑選的繼任者托德?庫姆斯和泰德?威施勒。【《財富》（Fortune）雜志最近一篇文章的主題正是庫姆斯和威施勒獲得強于大市的表現。】今年早些時候，《紐約時報》（The New York Times）援引最近的一項研究報道稱，巴菲特跑贏大市的能力已基本消失。

????但是，巴菲特整個職業生涯中最成功的幾筆投資都是他在過去幾年中發起的。此外，如果有人說巴菲特不再靈光，那么他肯定忘了一件事。伯克希爾哈撒韋公司的股價是一路上漲的，過去五年來漲幅超過一倍。這在總體上反映了投資者有多看好伯克希爾哈撒韋公司的股票投資組合（仍有超過85%的股票投資組合由巴菲特和他的長期合作伙伴查理?芒格管理）以及該公司多年來所收購的數十家公司【其中包括鐵路公司伯靈頓北方公司（Burlington Northern）、時思糖果公司（See’s Candies）】。如果硬要說巴菲特遇到了瓶頸，那只是因為他多年來的輝煌戰績確實很難突破了。

????以下是巴菲特史上最成功的幾筆投資，以年度回報率排名。這些交易是巴菲特璀璨投資生涯的最好證明。雖然巴菲特對可口可樂公司、Capital Cities/ABC公司、吉列公司（Gillette）以及汽車保險商Geico等公司的成功投資被業內廣為傳頌，但它們都沒有好到能登上本榜單的份上。以下是上榜投資案例：

????These days, the thing to say if you want to sound smart about Warren Buffett is that the Oracle of Omaha’s crystal ball has cracked. In mid-October, headlines blared that Buffett had lost $2 billion in just two days on Coke and IBM IBM 0.03% .Nevermind that Buffett has said those investements are long-term holdings, that he hasn’t sold a share of either company’s stock, and that he would prefer it if IBM’s shares stayed cheap, for now. It seemed to reinforce the notion that the world’s great stock picker had lost it.

????Last year, the book value of Buffett’s Berkshire Hathaway badly trailed the S&P 500, increasing less than the broad market index over the past five years for the first time in history. Buffett has acknowledged that his hand picked successors Todd Combs and Ted Weschler, have done better in recent years than he has. (Combs’ and Weschler’s market beating performance was the subject of a recent Fortune story.) Earlier this year, The New York Times highlighted a recent study that found Buffett’s ability to do better than the market has mostly disappeared.

????And yet, some of Buffett’s best investments of his entire career have been ones he has made in the past few years. What’s more, if Buffett has lost it, someone forgot to tell the market. Share of Berkshire BRK.A 0.46% are way up, have more than doubled in the past five years. That’s generally a reflection of how well investors think Berkshire’s stock market portfolio, still over 85% managed by Buffett and his long-time partner Charlie Munger, as well as the businesses they have bought over the years—including railroad company Burlington Northern, See’s Candies, and dozens of others—are doing. If Buffett has hit a lull, that’s only because the comparison he has built up for himself over the years is tough to top.

????Here are Buffett’s greatest investments of all time, ranked by annual average rate of return. It’s a testament to how successful Buffett has been. Even some of Buffett’s best-known investment successes, like Coke KO 1.16% , Capital Cities/ABC, Gillette, and auto insurance company Geico, were not good enough to make the list. Here are the ones that did: