Tuesday, March 3, 2009

Warren Buffett's Annual Letter to His Shareholders (2009)

In his annual letter to Berkshire Hathaway shareholders, Warren Buffett predicted that throughout 2009, the nation's economy will be in shambles. He said that the credit crisis and falling stock and housing prices have led to paralyzing fear. However, he remains optimistic on the America's resilience. He said that the U.S. has faced greater economic challenge in the past, such as two World War and the Great Depression.

Berkshire Hathaway's profit fell 96 percent, and its net worth tumbled $10.9 billion in the year's final three months. Its net worth per share fell 9.6 percent in 2008, is the second decline since Buffett began running Berkshire in 1965.

Buffett said that he at least made one mistake in investing. Some of them are when he was buying ConocoPhilips stocks in a large amount when the price of oil and gas were near their peak. The other mistake is when he spent $244 million on stock in two Irish bank that appeared cheap, but later increase his losses.

For furhter information, The full letter is available online at http://www.berkshirehathaway.com.


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