Buffett: Berkshire Hathaway was 'dumbest' buy ever

Speaking to CNBC, Buffett labels his 1964 decision to buy the textile company a $200bn blunder, which was sparked by a spiteful urge to retaliate against the Berkshire CEO. Buffett says his investment would be "worth twice as much as it is now" if he had bought a good insurance company instead of dumping so much money into the ailing textile business. "In 1964, we had quite a bit of stock. I went back and visited the management, Mr Stanton. And he looked at me and he said, ‘Mr. Buffett. We've just sold some mills. We got some excess money. We're gonna have a tender offer. At what pr...