The bigger they are, the harder they fall. Finally, the world has accepted that Warren Buffet is no oracle; he just started before everyone else. Insurance units provided him with money to cushion his Berkshire Hathaway from the failing economy. However, with BRK owning over 70 businesses, and most of them in housing related industries, he was bound to feel the heat.
When will people realize that past performance is not indicative of future results? This is not just a tagline or a disclaimer. It’s a warning. Do not go blindly following “geniuses” like lemmings or you will suffer the same fate. I bet that Buffet will be behind a bailout for insurance companies next.
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