Even Buffett makes mistakes

In 1998, as the Internet boom raged, Bloomberg asked Warren Buffett whether he would ever join the party. ‘The answer is no’, he replied, because he didn’t ‘know what that world will look like in 10 years’. So it came as a shock when he invested in IBM in 2011, eventually building his stake to over 70m shares. Following IBM’s announcement on Monday that it was struggling to adapt to the rise of cloud computing, Buffett’s shareholding is now under water. While it’s still early days for Buffett’s investment, the situation offers some great lessons. First, even the best investors...

In 1998, as the Internet boom raged, Bloomberg asked Warren Buffett whether he would ever join the party. ‘The answer is no’, he replied, because he didn’t ‘know what that world will look like in 10 years’.

So it came as a shock when he invested in IBM in 2011, eventually building his stake to over 70m shares.

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