Buffett accepts dumb things in investments
Warren E. Buffett, chairman of Berkshire Hathaway investment fund and holding company and possibly still the world’s richest person, released his annual shareholders letter moments ago, in which he says, “during 2008 I did some dumb things in investments.”
“I made at least one major mistake of commission and several lesser ones that also hurt,” he said. “Furthermore, I made some errors of omission, sucking my thumb when new facts came in that should have caused me to re-examine my thinking and promptly take action.”
“I still believe the odds are good that oil sells far higher in the future than the current $40-$50 price. But so far I have been dead wrong,” Buffet writes. “Even if prices should rise, moreover, the terrible timing of my purchase has cost Berkshire several billion dollars.”
Buffett writes that “the economy will be in shambles in 2009 — and, for that matter, probably well beyond.”
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