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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.
1988年，他以分拆調整后每股4美元的價格向政府支持的抵押貸款保險巨頭房地美投資了1.08億美元。當時巴菲特對這家公司有足夠的信心。在投資房地美后不久，他在接受《財富》雜志采訪時唱好這只股票。十年后，房地美股價升至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時的市場表現有多好，而是他選擇出售這部分股權的時機。2000年，巴菲特作證稱，他此前與房地美當時的CEO勒蘭德•布蘭德塞爾多次會面，期間意識到布蘭德塞爾在爭取兩位數的回報，這是不明智的。
