政府雇員保險公司是巴菲特最成功的投資之一，在全部收購股份的前一年，即1995年，巴菲特用4500多萬美元的投資賺了23億美元，20年間增長了50倍，平均每年為他賺取了1.1億美元。從1996年起，該公司成為伯克希爾公司的全資子公司，是其下屬公司的核心，也是盈利能力最強的企業之一。
巴菲特名言
在過去的年報中，我們曾談到購買和經營鹹魚翻身類型公司的結果常常讓人大失所望。這些年，我們大約先後接觸了數十個產業中數百家具有鹹魚翻身可能性的公司，不管是作為當事人還是旁觀者，我們持續追蹤著這些公司的業績並與原來的預期比較。我們的結論是除了極少數例外，當一個擁有聰明能幹名聲的管理層遇到一個擁有不良基本經濟特征的企業，往往是隻有企業的名聲完好無損。
——巴菲特
你真能向一條魚解釋在陸地上行走的感覺嗎？對魚來說，陸上的一天勝過幾千年的空談。
——巴菲特
9.耐心，投資獲勝的關鍵
I can clearly tell you that the value of our portfolio is presented at the end of 1957 than the end of 1956， much better， depending on the generally low market prices and we have enough time to get the patient only through the fact that the securities valuation significantly below their intrinsic value to get. Earlier， I mentioned that our greatest advantage is to have 10% to 20% of assets in a variety of partner companies. I planned it as a variety of partnership the equivalent of 10% to 20% of assets， but this thing can not be so anxious. Obviously， at any stage of an acquisition， our main interest is stock for nothing， or rather let the stock prices fell rather than rose. So， at any particular time， a reasonable proportion of our portfolio is still "not profitable" stage， this policy， despite the need for patience， but it will give our future to maximize long—term profits. I have been trying my opinion， it may be interesting to all aspects of our investment philosophy encompass as much as possible to disclose. If in doubt at any stage of our business process， I will be very pleased to hear from you.
——摘自1957年巴菲特寫給全體股東的年報
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