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Saturday, March 01, 2014 10:47:34 PM
Investment tycoon Warren Buffett admitted to a rare investing blunder, saying that he regretted buying stock in a utility company without consulting his second-in-command
NEW YORK, NY -- Warren Buffett admitted he made a "big mistake" investing in bonds of a utility company called Energy Future Holdings, which has since filed for bankruptcy. The investment tycoon, ranking number four on the world's richest list, made his rare admission of having made a mistake to in a letter addresses to shareholders of his Berkshire Hathaway investment fund.
Energy Future is Texas's largest electricity provider and was purchased in 2007 in the largest leveraged buyout in history.
Buffett explained he made the $2 billion investment "without consulting with [business partner and second-in-command] Charlie Munger".
"Most of you have never heard of Energy Future Holdings. Consider yourselves lucky; I certainly wish I hadn't," Buffett, 83, said. "Next time I'll call Charlie."
He admitted he had to sell the bonds for a mere $259 million, leaving Berkshire with a $873 million pre-tax loss after taking interest payments into account.
Buffett wrote that unless natural gas prices suddenly skyrocket, EFH will "almost certainly" file for bankruptcy protection this year.
http://www.onenewspage.us/n/Business/750cmxz2r/Warren-Buffett-admits-to-873-million-investment-mistake.htm
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