Warren Buffett on Berkshire's success: Not just smart investing but lots of luck

In his 2022 annual letter to shareholders, renowned investor Warren Buffett provided a review of Berkshire Hathaway's investment rigor and rigmarole.

Even though Buffett and his business partner Charlie Munger are renowned for building stockholders unmatched wealth,

They have made mistakes just like any other investor. Additionally, Buffett pointed out his own mistakes in the letter.

In fact, he emphasizes that 68 years ago Berkshire was a one-trick pony. With hindsight,

Buffett realized that his investment in a renowned textiles company was "doomed." In fact, he continues by saying

that the company's investment choices have been mediocre at best. He added, "On some occasions,

though, terrible movements by me have been saved by quite substantial doses of luck.

"Capitalism has two sides: The system produces an ever-increasing pile of losers while also gushing out better goods and services at the same time."

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