Warren Buffett, known for his humility, admits mistakes in his decades-long career. In his letter to Berkshire Hathaway shareholders, he emphasizes the importance of acknowledging errors and correcting them promptly. Despite past blunders in acquiring businesses, Buffett remains focused on delivering strong returns for investors.

Buffett reflects on past acquisitions, including the $434 million purchase of Dexter Shoe, which later became worthless, and the use of Berkshire shares to acquire General Reinsurance. He acknowledges making “dumb” purchases and paying too much for companies’ economic goodwill. Buffett stresses the importance of learning from mistakes and moving forward.

As Buffett prepares to step down as Berkshire CEO, he emphasizes the need to dream big and seize opportunities. He and Vice Chair Charlie Munger view themselves as “stewards” of capital, ready to act swiftly when economic conditions present opportunities. Despite past missteps, Buffett remains optimistic about the future of Berkshire Hathaway.

Read more at Yahoo Finance: Warren Buffett Said Charlie Munger and ‘I Have No Magic Plan’ to Boost Wealth Except Rush Outside ‘Carrying Washtubs’ When ‘Dark Clouds Rain Gold’