I started this blog in June 2007 asking these questions: Are we in a massive asset bubble that will blow up in our faces ??? - ANSWERED YES ! Is western and particularly British society on the verge of social collapse??? What are the best common sense long term investment strategies to keep you rich? When will consumption/debt bubble economics end and a real savings/production economy begin ???

Monday, 2 March 2009

Warren Buffett, long revered for his investment prowess, has admitted that even he made some "dumb" mistakes during the past year

In his annual letter to investors in his company Berkshire Hathaway, he said the errors included buying stakes in two Irish banks.

He also regretted investing in oil company Conoco Philips when the crude price was at its peak.

Berkshire's profits fell 62% in 2008 - the worst performance in its 44 years.

The company's net earnings totalled $4.99bn (£3.5bn) in 2008 compared with $13.2bn in 2007.

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