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Warren Buffet Admits $11 Billion Mistake – What Was It?

Berkshire Hathaway profits rose 23% despite ‘ugly’ write-down


Berkshire Hathaway CEO Warren Buffett admitted to investors in his annual letter Saturday that a mistake he made led to an $11 billion loss in 2020, even as quarterly profits continued to rise.

Buffett wrote that Berkshire had to write down the value of Precision Castparts, a manufacturer that makes parts for aerospace and defense companies, accounting for almost all of the loss.

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