FILE PHOTO: Warren Buffett talks with Mark Donegan, CEO of Precision Castparts, at the Precision Castparts booth in exhibit hall during the Berkshire Hathaway Annual Shareholders Meeting at the CenturyLink Center in Omaha, Nebraska, U.S. April 30, 2016. REUTERS/Ryan Henriksen/File PhotoThe 90-year-old billionaire on Saturday admitted he"paid too much" when his Berkshire Hathaway Inc spent US$32.
In his annual letter to investors, Buffett said he bought"a fine company - the best in its business," and Berkshire was"lucky" to have Precision Chief Executive Mark Donegan still in charge.Precision shed more than 13,400 jobs, or 40per cent of its workforce, in 2020, and only recently has begun to improve margins, Berkshire said."I was wrong ...
Two years ago, Buffett admitted he"overpaid" for Kraft Foods when Berkshire and private equity firm 3G Capital merged it in 2015 with their H.J. Heinz Co to form Kraft Heinz Co. And in his 2008 annual letter, Buffett called his 1993 purchase of Dexter Shoe his"worst deal" ever, saying he had bought a"worthless business" and compounded his error by using Berkshire stock rather than cash to fund the acquisition.Tom Russo, a longtime Berkshire investor, welcomed Buffett's candor.
"I admire Warren for taking personal responsibility for Precision Castparts," he said."Few managers are willing to admit their responsibility rather than pass on blame."
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