Warren Buffett's 'howlers'

Warren Buffett hasn’t exactly covered himself with glory in the last year. Berkshire Hathaway has lost its triple-A credit rating, and Buffett himself has made a 'couple of howlers'. But don't write him off yet.

Warren Buffett, the world's most famous investor, has become a "cult figure", thanks to his "homespun aphorisms" and his stockpicking prowess, said Erik Holm on Bloomberg.com. So no wonder the annual general meeting of Berkshire Hathaway (NYSE:BRK.B), his investment vehicle with holdings in almost 80 businesses, including a giant insurer, has been dubbed a "Woodstock for capitalists". But this year, "there wasn't as much free-flowing love" as usual, given what a tough year it had been for capitalists, said Andrew Ross Sorkin in The New York Times Buffett included.

As he says, he didn't exactly cover himself with glory. Berkshire's book value slid by 9.6% last year, the worst performance in the 44 years that Buffett has been in charge, and fell further in the first quarter. Berkshire lost its triple-A credit rating amid the financial sector market turmoil, and Buffett also "made a couple of howlers", as Bruce Jackson put it on Fool.co.uk. He bought shares in oil major ConocoPhillips when oil was close to its peak, and his stock in two Irish banks cratered.

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