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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