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Subscribe to RSSWarren Buffett is one of the world's richest people and widely considered to be among the most astute investors ever, but even the Oracle of Omaha makes investment mistakes.
Buffett tells CNBC his biggest investment blunder was the company that would become the basis for his fortune, Berkshire Hathaway.
You read that right.
Buffett says he ended up buying the textile company that is now his holding company because he was miffed at the company's management.
Buffett said the vengeful move was costly, because for years he was saddled with Berkshire's textile holdings.
Watch the full interview below or read it here.
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Even the " BEST " have their pride. He gave his word at $11.50, and they sent a letter for $11.385, well when your word is your bond then pride will overpower all. More power to W.B. he is a great american and a person who has pledged to give away 90+% of his wealth to charity. I only wish I had 1/100 th of the money he has had to invest and I would look great too.
I never liked Becky Quick. However, back when she started, it was just a matter of preference. Now, it's worse and I blame NBC. Whoever is doing her hair and make-up, and coaching her on her TV mannerisms (I hope she didn't come up with them herself) has her looking and sounding so plastic and fake I feel sorry for her.
Mistake????
I thought the "Mistake" was having a bunch of stuck-up, inbred, self-rightous New England "blue-bloods" who thought they could skim him off.....
In the long run New Bedford is still a crime-ridden dying mill town and a tax burden to boot, whereas Omaha is thriving and growing.
Hey Warren, have we got an investment for you. Invest in American jobs. Help about 3 million home owners keep their houses. You can afford it.
Buffett does, and has, invested in American jobs if you would bother to research. Of all the companies owned or controlled by Berkshire Hathaway only 3 are foreign companies.
"You can afford it" is NEVER a reason ANY investor should invest in ANYTHING.
Companies are in the business of making profits, NOT providing jobs... or mortgages... to anyone and everyone who wants one.
Sorry about that, but mostly, that's how this planet works. Better luck somewhere else... :)
BHa (as opposed to BHb which closed at around $85.00) closed at $124,500.00 today---UP $350.00....that's a mistake????? Can you imagine if you bought just 100 shares at around $5,000 10 or so years ago and stayed with them???? Unbelievable! This is the only stock in which you can purchased just 1 share----any wonder why??? LOL
One of his other mistakes was buying Clayton Homes, builder of trailer homes and owner of trailer parks.
oh pleeeeease!
It took him 20 years to cut the "anchor"? Could it be that actually putting people to work at a textile company was the actual incentive for people to invest in his "other" holdings and now that he has soaked the Insurance industry he looks the other way, read into what he is saying, he is discrediting what made him so he can sleep at night by killing all those manufacturing jobs. Can you blame him? It's the same story in the motor city, its easier to lobby with globalists than to produce anything worthwhile.
If the textile manufacturing jobs were needed there would have been enough of a demand to re-employ those people. If he paid for people's houses for them, that would completely destroy the value of the homes around them and cause a second wave of foreclosures. Maybe I should go out and buy a home I can't afford and *you* should pay for it for me.
I've never seen a poor man give anyone a job.
Hey AmericansAtWar
Have any money left over after paying your taxes? Please give that to people losing their homes. Glad I could make those decisions for you. Also, send some money to me. I'm not losing my house or anything, but hey maybe someday I might. Thanks for the sacrifice. Going to have a beer now.
Hey AmericansAtWar think about what you say before you shout it out.
Many people in foreclosure had absolutely no business owning a home because they simply couldn't afford it in the first place. They should loose their homes, and it isn't the government or private industries' responsibility to give them a hand out in the form of a house! People need to live within their means. Look at Buffet and the modest house he lives in. Take that as an example.
Your attitude seems to be hard working and financially successful people owe others simply because they can afford it. That lazy welfare attitude is a big part of Americas problems.
ignorant!
tss, what are you talking about? BRK-A hasn't traded at $5000 since the 80s. Yeah, if you had a half million dollars (to buy those 100 shares) and invested it in virtually anything before the huge stock rally that was the 80s and 90s you'd be sitting pretty today. That said just having that much money to invest would certainly have put you in the top 5% of so of households in the 80s. Ten years ago BRK-A traded at $65500. Its obviously been a solid investment and I own a few hundred shares of the B class myself, but check your numbers next time.
bg399650:
This website won't let me copy the link; but I am looking at Berkshire Hathaway A's stocks as of right now (12:55 pm EST -Oct. 20, 2010) and it says it's UP $780.00 to $124,800.00. (Was up over $1,000.00 just a few minutes ago)
If that's not for TODAY, then I don't know what it's for..............
B class is trading, right now (12:57 pm) at $82.88 up $0.49.