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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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.
Read the complete article
