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Strategies & Market Trends : Buffettology
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To: Moominoid who wrote (2843)6/5/2001 12:13:45 AM
From: James Clarke  Read Replies (3) of 4691
 
<<I think there were plenty of whoops in Buffett's career, certainly early
on, I'd have to go through Loewenstein's book again to check some out>>

I don't think you'll find any. You cited Dempster Mill - I hope all my "mistakes" do as well. Buffett always cites Berkshire Hathaway as his worst investment, though if you look at the history of that one it was by no means a loser.

OK, here's a challenge. Document one position that we know Buffett bought any time in his career that suffered any signficant loss of principal. Just one. I can't think of one, and I think I have done more than the average bear's homework on his whole career.

Mistakes are a part of the game even for a successful value investor, and keeping mistakes to a minimum is the secret to making the really big returns. Buffett just doesn't make them. If USG doesn't recover (and this WAS a Buffett buy, not Lou Simpson - he clearly took responsibility for this one at the annual meeting even though he would not comment on the position specifically - to contrast he took no responsibility for GPS when he was questioned on that one - that was a Simpson buy) it would be the first whoops I know of in 40 years. And even if somebody can find one - we're talking about 40 years. If I can get through one year without a big whoops I break out the champagne. And I will say again, I am expressing no opinion on the attractiveness of USG shares at the current price.
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