NEW YORK (Feb 28): Warren Buffett makes mistakes too. The 90-year-old billionaire on Saturday admitted he "paid too much" when his Berkshire Hathaway Inc spent US$32.1 billion in 2016 to buy aircraft and industrial parts maker Precision Castparts Corp (PCC), its largest acquisition. Berkshire wrote off US$9.8 billion of PCC's value last August, as the coronavirus pandemic sapped demand for air travel and the Portland, Oregon-based unit's products. "I was wrong... in judging the average amount of future earnings and, consequently, wrong in my calculation of the proper price to pay for the business," Buffett wrote. "I admire Warren for taking personal responsibility for Precision Castparts," he said.

Source: The Edge Markets February 28, 2021 03:45 UTC