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BUFFETT IS WAY WRONG AT HOME

November 05, 2006

Even Warren Buffett gets it wrong sometimes.

The Oracle of Omaha's take on a real estate deal, for example, was 100 percent wrong, said the buyer of the property, because the billionaire forgot one of his core rules: Invest only in what you understand.

The buyer, Richard Manchester, was ridiculed by Buffett after the billionaire sold Manchester his oceanfront Laguna Beach house last year for $3.5 million.

Buffett, reducing the sale to an absurd term - $60 million an acre - told a Berkshire Hathaway annual meeting that Manchester was foolish to pay such a high price, especially since Buffettt had paid just $1 million for it nine years earlier.

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Comments

morgan2q
Morgan2q - 9 years ago
You do not see Real estate dropping?

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