Buffett admits major investing mistake in letter

The Oracle of Omaha has made a mistake ?

So it seems and now we can consider him human like us..

Nice to know the richest man in the world ( 2008 ) actually miscalculated in this downturn as well.

I just wish I had the money he has to lose in investment sarcastically said..


Warren Buffett says the economic turmoil that contributed to a 62 per cent profit drop last year at the holding company he controls is certain to continue in 2009, but the revered investor remains optimistic.

Buffett released his annual letter to Berkshire Hathaway Inc. shareholders Saturday morning, and detailed the worst of his 44 years leading the Omaha-based company.

Buffett said he made at least one major investing mistake last year by buying a large amount of ConocoPhillips stock when oil and gas prices were near their peak.

Berkshire increased its stake in ConocoPhillips from 17.5 million shares in 2007 to 84.9 million shares at the end of 2008.

Buffett said he did not anticipate last year's dramatic fall in energy prices, so his decision cost Berkshire shareholders several billion dollars.

He also spent $244 million on stock in two Irish banks that appeared cheap. But since then, he's had to write down the value of those purchases to $27 million.

CTV.ca | Buffett admits major investing mistake in letter

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With Buffet down who do you think is the new man and do you go with experiance or luck?
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