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Buffett admits he screwed up
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Friday, August 14, 2009
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From The Money Game:

As cool as his demeanor is, you really have to figure that Warren Buffett had stuck to his strict, no-derivatives-for-me attitude he seemed to hold all that time.

Reuters: Warren Buffett's Berkshire Hathaway Inc. underestimated the risks of falling stock prices to its billions of dollars of derivatives bets, yet still believes it is valuing the contracts fairly.

Berkshire revealed its error in a June 26 letter to the U.S. Securities and Exchange Commission, one of several pieces of correspondence with the regulator about the company's annual report, and made public on Thursday.

Read full article...

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Topics: Warren Buffett | Stocks
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