Buffett fund drops $11.5bn in worst ever year - papers

In his annual letter to shareholders Buffett said he had done "some dumb things" as Berkshire's annual income fell 59% and its net worth dropped by $11.5bn (£8bn) in 2008. They included a near-$3bn loss after he bought a stake in ConocoPhillips when the crude price was at its peak and made a smaller but not insignificant bet on the banks. "During 2008, I spent $244m for shares of two Irish banks that appeared cheap to me," he said. "At year end we wrote these holdings down to market: $27m, for an 89% loss. Since then, the two stocks have declined even further. The tennis crowd would cal...