Hey Vince....I wasn't the only one that called it wrong,when I said oil wouldn't drop below $100.Now I feel better ;)
I still say we'll be North of $100 again in the not to distant future!
Buffett admits investment mistakes after historic loss
Last Updated: Saturday, February 28, 2009 | 12:55 PM ET Comments55Recommend52CBC News
Investment guru Warren Buffett offered a mea culpa as he delivered a host of bad news to shareholders, saying Berkshire Hathaway Inc. saw net income fall by 62 per cent in 2008 compared to a year earlier.
The avowed bargain hunter confessed in a letter to shareholders, released Saturday, that even he got caught up in the mania surrounding oil prices and bought a large amount of ConocoPhillips stock when oil and gas prices were near their peak.
"I in no way anticipated the dramatic fall in energy prices that occurred in the last half of the year," Buffett wrote. "I still believe the odds are good that oil sells far higher in the future than the current $40-$50 price. But so far I have been dead wrong."
The bad investment cost the Omaha-based company several billion dollars, making 2008 the worst year in Buffett's 44-year history of managing Berkshire Hathaway. Net income for 2008 was $4.99 billion US, or $3,224 per Class A share, down from last year's $13.21 billion, or $8,548 per share.
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