Warren Buffett mistake costs his company $900m

Billionaire admits to a 'big mistake' in spending $2bn without consulting business partner

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(Image credit: 2013 Getty Images)

IN A letter to shareholders, Warren Buffett, the billionaire founder of Berkshire Hathaway, has admitted to making a "big mistake" that cost the company almost $900m (£537m).

Buffett made the admission in his annual letter to Berkshire Hathaway investors, saying he wished he had "never heard" of Energy Future Holdings, after he backed the company without consulting his long-time adviser and vice chairman Charlie Munger.

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