????1. 中石油（PetroChina）

????年平均復合回報率：52％

????總回報率：720％

????持有期：5年

????談到巴菲特，人們總會想到他的投資箴言——“買你看得懂的公司”。此外，大家都知道他一直唱多美國。在去年致伯克希爾哈撒韋公司股東的公開信中，巴菲特寫道：“美國最好的日子還在后面。”但是，他的一些最成功的投資，尤其是最近的成功投資都在中國。在2002年和2003年，伯克希爾哈撒韋公司累計斥資4.88億美元買入中石油1.3％的股權。有人曾一度質疑這一投資，因為中石油的油田開發已是強弩之末，而且它擁有40萬名員工，成本高居不下。當時，中石油市值有370億美元。而巴菲特估計其價值1000億美元。巴菲特的這一估值實際上算是偏低了。由于油價上漲和新油田的發現，中國石油股價大幅上揚。到伯克希爾哈撒韋公司在2007年出售這部分股權時，中國石油的市值已高達2750億美元，這讓伯克希爾撒韋公司大賺36億美元。

????1. PetroChina

????Annual average compounded return: 52%

????Total return: 720%

????Years held: 5

????Buffett is known for his "buy what you know" investment mantra, and his consistent praise for America. In last year's annual letter to Berkshire shareholders, Buffett wrote, "America's best days lie ahead." Nonetheless, some of his greatest investments, particularly his recent ones, have been in China. In 2002 and 2003, Berkshire bought 1.3% of China's dominant oil company PetroChinaPTR 1.44% for $488 million. Some questioned the investment. PetroChina's oil fields looked tapped out, and the company, with 400,000 employees, was loaded down with costs. At the time, PetroChina had a market cap of $37 billion. Buffett suspected it was worth $100 billion. Buffett was low. Rising oil prices and new discoveries caused PetroChina's shares to soar. By the time Berkshire sold in 2007, PetroChina's market cap had reached $275 billion, and Berkshire reaped a $3.6 billion gain.