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Posted: Sat, Feb 28 2009, 1:43 pm EST Post subject: Warren Buffett Tells Shareholders He Did "Some Dumb Things" In 2008 |
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In his annual letter to Berkshire Hathaway shareholders, Warren Buffett says he did some "dumb things in investments" last year.
The company's controversial "equity put" options are not included on that list. There has been some criticism of Buffett as the declining mark-to-market value of those contracts puts pressure on reported earnings. Fourth quarter net fell 96 percent to $117 million, largely due to 'paper' losses on those derivative positions. For the year, net fell to $4.99 billion from $13.21 billion the year before.
Buffett also predicts the economy will "be in shambles throughout 2009 - and for that matter, probably well beyond - but that conclusion does not tell us whether the stock market will rise or fall."
He's still optimistic for the long-term, however, again pointing out that "our country has faced far worse travails in the past" but always "we've overcome them." He says confidently, "America's best days lie ahead."
The letter was posted this morning (Saturday) on the company's website along with Berkshire's 2008 annual report.
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http://www.cnbc.com/id/29441086 |
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