Buffett admits mistakes in annual Berkshire letter
By JOSH FUNK, AP Business Writer Josh Funk, Ap Business Writer – 52 mins ago
OMAHA, Neb. – BillionaireWarren Buffett says 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.
The famous investor recounted his errors in his annual letter to Berkshire Hathaway shareholders released Saturday morning.
Berkshire increased its stake in ConocoPhillips from 17.5 million shares in 2007 to 84.9 million shares at the end of 2008.
Buffett says he did not anticipate last year's dramatic fall in energy prices, so his decision cost Berkshire shareholders several billion dollars.
Buffett says 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.
Buffett says economy to remain in shambles in 2009 Saturday February 28, 9:33 am ET By Josh Funk, AP Business Writer
Warren Buffett says America will overcome current economic challenges OMAHA, Neb. (AP) -- Billionaire Warren Buffett says all kinds of investors finished 2008 bloodied and confused because of the dysfunctional credit market and other financial turmoil. And the famous investor said Saturday in his letter to Berkshire Hathaway Inc. shareholders that "the nation's economy will be in shambles throughout 2009."
But Buffett remains optimistic about the country's future. He says America has faced bigger economic challenges in the past, including two World Wars and the Great Depression.