CNN BUSINESS | Warren Buffett admits to a rare ‘mistake’

New York (CNN Business) – The Oracle of Omaha said he made a mistake.

In his annual letter to shareholders of Berkshire Hathaway (BRKB), investing guru Warren Buffett disclosed that the company took an $11 billion writedown last year on its 2016 purchase of Precision Castparts, describing it as “a mistake.”

The 90-year-old billionaire, Berkshire’s chairman since 1970, said in the company’s annual letter to shareholders that the “ugly” writedown had a simple explanation.

“I paid too much for the company,” he said. “My miscalculation was laid bare by adverse developments throughout the aerospace industry.”  —read more—