Buffet: "Economy In Shambles"

Buffet's Berkshire Hathaway Stock Chart

Just to show how bad things really are, even Buffet is making investing mistakes.-Lou

Buffett cops to mistakes, likes longer-term horizon
Berkshire Hathaway has worst year in company's history, results show

By Alistair Barr, MarketWatch

CHICAGO (MarketWatch) -- Following Berkshire Hathaway Inc.'s worst year on record, Chairman Warren Buffett told shareholders Saturday that the economy would remain in "shambles" during 2009 and beyond, offering no prediction about the future may hold for U.S. stocks.

In his annual letter to shareholders -- eagerly anticipated by investors for the insights it may hold into his thinking -- Buffett said neither he nor Charlie Munger, his long-time partner in running Omaha-based Berkshire Hathaway Inc

"We're certain, for example, that the economy will be in shambles throughout 2009 -- and, for that matter, probably well beyond -- but that conclusion does not tell us whether the stock market will rise or fall," Buffett wrote.

Text Of Buffet's Letter To Shareholders:

http://www.berkshirehathaway.com/letters/2008ltr.pdf

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http://www.marketwatch.com/news/story/Berkshires-Buffett-cops-mistakes-likes/story.aspx?guid=%7b7DDFC3D1-E25A-4950-819E-FA81BB9F9CBF%7d&print=true&dist=printMidSection