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

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.

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

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

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

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

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

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

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