To Buffet’s great credit he also said he “did some dumb things in investments” in 2008 while taking responsibility for his company’s worst performance since he took over 44 years ago.
“By year-end, investors of all stripes were bloodied and confused, much as if they were small birds that had strayed into a badminton game,” he said.
Berkshire’s net worth nosedived, falling by $11.5 billion, according to its annual report, released March 1. Its shares have taken a beating in the past year. Since peaking at $151,000 a share in December 2007, it has fallen to $78,600, a decline of 48 percent. The S&P 500 has dropped 49 percent over the same period. http://www.dailyfinance.com/2009/02/28/buffett-admits-dumb-investing-mistakes-in-2008-berkshires-wo/
Closing note – the Obama Administration has already spent, or has committed to spend enough money to pay every family in America $78,000, enough to buy every family 1 share in Berkshire. Personally, I’d rather have the cash.