Warren Buffett's Biggest Mistake

Buffett's biggest mistake was investing in his own company. Specifically, Buffett spent 20 years in the textile business, instead of focusing on something more profitable like insurance (at the time).




Bottom Line:

If you're in a terrible business, get out of it. If you want to be a good manager, buy a good business, and everyone will think you're smart.

 and...

It's better to buy something that's good at a fair price, than to buy something cheap at a bargain price.

h/t Marketfolly (originally posted: 10/2010)