Wow! I never thought I would read this.

WARREN BUFFETT admitted yesterday that he did “some dumb things” in 2008, as the world’s richest investor announced that Berkshire Hathaway, his company, had its worst year on record.

In his annual letter to shareholders, Buffett said his investments lost $11.5 billion (£8 billion) last year.

He also offered a gloomy outlook for the year ahead. “The economy will be in shambles throughout 2009 – and for that matter, probably well beyond,” Buffett wrote.

The firm was hit by the deteriorating economy, the collapse of the credit markets and share prices and the second-worst hurricane season on record…