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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，他以分拆调整后每股4美元的价格向政府支持的抵押贷款保险巨头房地美投资了1.08亿美元。当时巴菲特对这家公司有足够的信心。在投资房地美后不久，他在接受《财富》杂志采访时唱好这只股票。十年后，房地美股价升至70美元。但巴菲特在房地美的投资最引人注目的也许不是它当时的市场表现有多好，而是他选择出售这部分股权的时机。2000年，巴菲特作证称，他此前与房地美当时的CEO勒兰德•布兰德塞尔多次会面，期间意识到布兰德塞尔在争取两位数的回报，这是不明智的。
