{"id":6613,"date":"2025-05-13T23:25:46","date_gmt":"2025-05-13T23:25:46","guid":{"rendered":"https:\/\/nationalgunowner.org\/index.php\/2025\/05\/13\/warren-buffetts-best-and-worst-investments-over-his-55-year-career\/"},"modified":"2025-05-13T23:25:47","modified_gmt":"2025-05-13T23:25:47","slug":"warren-buffetts-best-and-worst-investments-over-his-55-year-career","status":"publish","type":"post","link":"https:\/\/nationalgunowner.org\/index.php\/2025\/05\/13\/warren-buffetts-best-and-worst-investments-over-his-55-year-career\/","title":{"rendered":"Warren Buffett\u2019s Best and Worst Investments Over His 55-Year Career"},"content":{"rendered":"
\n
Warren Buffett speaks onstage during Fortune\u2019s Most Powerful Women Summit \u2013 Day 2 at the Mandarin Oriental Hotel on October 13, 2015 in Washington, DC. Paul Morigi\/Getty Images for Fortune\/Time Inc<\/span><\/figcaption><\/figure>\n

Warren <\/span>Buffett <\/span>returned <\/span>a <\/span>jaw-<\/span>dropping <\/span>5,502,284 <\/span>percent <\/span>to <\/span>shareholders <\/span>over <\/span>his <\/span>55-<\/span>year <\/span>reign <\/span>atop <\/span>Berkshire <\/span>Hathaway\u2014<\/span>a <\/span>figure that <\/span>makes <\/span>the <\/span>S&<\/span>P <\/span>500\u2019<\/span>s <\/span>39,054 <\/span>percent <\/span>return <\/span>in <\/span>the <\/span>same <\/span>period <\/span>look <\/span>like <\/span>a <\/span>rounding <\/span>error. <\/span>With <\/span>a <\/span>net <\/span>worth <\/span>of $<\/span>160 <\/span>billion, the 94-year-old legend<\/span>\u00a0<\/span>has <\/span>earned <\/span>his <\/span>spot <\/span>in <\/span>the <\/span>pantheon <\/span>of <\/span>investment <\/span>greats <\/span>through <\/span>a <\/span>disciplined, <\/span>deceptively <\/span>simple <\/span>philosophy: <\/span>buy <\/span>great <\/span>businesses, <\/span>hold <\/span>forever <\/span>and <\/span>let <\/span>compounding <\/span>do <\/span>the <\/span>heavy <\/span>lifting. <\/span>But <\/span>even the \u201cOracle of Omaha\u201d <\/span>isn\u2019t <\/span>immune <\/span>to <\/span>missteps. <\/span>In <\/span>fact, <\/span>Buffett <\/span>has <\/span>often <\/span>been <\/span>the <\/span>first <\/span>to <\/span>call out <\/span>his <\/span>flops.<\/span><\/p>\n

\n<\/section>\n

From <\/span>buying <\/span>into <\/span>Coca-<\/span>Cola <\/span>at <\/span>the <\/span>right <\/span>moment <\/span>to <\/span>sitting <\/span>out <\/span>on <\/span>tech <\/span>stocks <\/span>for <\/span>decades\u2014<\/span>only <\/span>to <\/span>reverse <\/span>course <\/span>with <\/span>Apple, <\/span>which <\/span>he <\/span>later <\/span>called <\/span>Berkshire\u2019s \u201c<\/span>third <\/span>business\u201d\u2014<\/span>Buffett\u2019s <\/span>investment <\/span>record <\/span>reflects <\/span>a <\/span>mix <\/span>of <\/span>long-<\/span>term <\/span>successes <\/span>and <\/span>occasional <\/span>missteps. <\/span>He <\/span>has <\/span>also <\/span>been <\/span>candid <\/span>about <\/span>instances <\/span>when <\/span>he <\/span>waited <\/span>too <\/span>long <\/span>or <\/span>paid <\/span>too <\/span>much <\/span>for <\/span>too <\/span>little.<\/span><\/p>\n

What follows is a look at some of Buffett\u2019s most triumphant bets and his most teachable blunders in no particular order.<\/p>\n

Winners<\/h3>\n

Coca-<\/span>Cola: <\/span><\/strong>In <\/span>1988, <\/span>Warren <\/span>Buffett <\/span>invested $<\/span>1.3 <\/span>billion <\/span>in <\/span>Coca-<\/span>Cola, <\/span>acquiring <\/span>a <\/span>significant <\/span>stake <\/span>in <\/span>the <\/span>beverage <\/span>giant. <\/span>Today, <\/span>Berkshire <\/span>Hathaway <\/span>owns <\/span>9.3 <\/span>percent <\/span>of <\/span>the <\/span>company, <\/span>a <\/span>position <\/span>valued <\/span>at <\/span>approximately $<\/span>28 <\/span>billion.<\/span><\/p>\n

Apple: <\/span><\/strong>Buffett <\/span>first <\/span>bought <\/span>shares <\/span>of <\/span>Apple <\/span>in <\/span>2016, <\/span>and <\/span>the <\/span>investment <\/span>has <\/span>since <\/span>become <\/span>Berkshire <\/span>Hathaway\u2019s <\/span>most <\/span>valuable <\/span>holding. <\/span>His <\/span>initial $<\/span>35 <\/span>billion <\/span>stake <\/span>had <\/span>grown <\/span>to $<\/span>173 <\/span>billion <\/span>by <\/span>2023. (After selling about two-thirds of its stake in the company last year, Berkshire\u2019s remaining ownership was worth $63.9 billion by the end of this year\u2019s first quarter.)<\/a> <\/span>At this year\u2019s Berkshire Hathaway<\/a><\/span>\u00a0<\/span>shareholders <\/span>meeting last week, <\/span>Buffett <\/span>said, \u201c<\/span>I\u2019m <\/span>somewhat <\/span>embarrassed <\/span>to <\/span>say <\/span>that <\/span>Tim <\/span>Cook <\/span>has <\/span>made <\/span>Berkshire <\/span>a <\/span>lot <\/span>more <\/span>money <\/span>than <\/span>I\u2019ve <\/span>ever <\/span>made.\u201d<\/span><\/p>\n

GEICO: <\/span><\/strong>Buffett <\/span>began <\/span>purchasing <\/span>shares <\/span>of <\/span>GEICO <\/span>in <\/span>1976 <\/span>and <\/span>completed <\/span>a <\/span>full <\/span>acquisition <\/span>of <\/span>the <\/span>auto <\/span>insurer <\/span>in <\/span>1996. <\/span>He <\/span>has <\/span>called <\/span>GEICO <\/span>his \u201c<\/span>favorite <\/span>child,\u201d <\/span>and <\/span>his <\/span>interest <\/span>in <\/span>the <\/span>company <\/span>dates <\/span>back <\/span>to <\/span>his <\/span>days <\/span>as <\/span>a <\/span>graduate <\/span><\/a>student<\/a> <\/span>at <\/span>Columbia University. <\/span>Since <\/span>1974, <\/span>GEICO <\/span>has <\/span>climbed <\/span>from <\/span>the <\/span>fifth <\/span>to <\/span>the second-largest<\/span>\u00a0<\/span>auto <\/span>insurer <\/span>in <\/span>the <\/span>U.<\/span>S.\u00a0<\/span><\/p>\n

American <\/span>Express: <\/span><\/strong>Buffett <\/span>made <\/span>a <\/span>pivotal <\/span>investment <\/span>in <\/span>American <\/span>Express <\/span>during <\/span>a <\/span>public <\/span>relations <\/span>crisis <\/span>in <\/span>the <\/span>1960s, <\/span>a <\/span>move <\/span>that <\/span>has <\/span>delivered <\/span>significant <\/span>long-<\/span>term <\/span>returns. <\/span>Although <\/span>Berkshire <\/span>Hathaway <\/span>has <\/span>not <\/span>added <\/span>to <\/span>its <\/span>position <\/span>since <\/span>1995, <\/span>it <\/span>now <\/span>owns <\/span>more <\/span>than <\/span>21 <\/span>percent <\/span>of <\/span>the <\/span>company, <\/span>a <\/span>stake <\/span>valued <\/span>at <\/span>over $<\/span>44 <\/span>billion. <\/span>Since <\/span>going <\/span>public <\/span>in <\/span>1977 <\/span>at $<\/span>3.17 <\/span>per <\/span>share, <\/span>American <\/span>Express <\/span>stock <\/span>has <\/span>increased <\/span>nearly <\/span>100-<\/span>fold, <\/span>outperforming <\/span>the <\/span>S&<\/span>P <\/span>500 <\/span>over <\/span>the <\/span>same <\/span>period.<\/span><\/p>\n

See\u2019s <\/span>Candies: <\/span><\/strong>Buffett <\/span>acquired <\/span>See\u2019s <\/span>Candies <\/span>in <\/span>1972 <\/span>for $<\/span>25 <\/span>million, <\/span>when <\/span>the <\/span>company <\/span>was <\/span>generating <\/span>just $<\/span>4 <\/span>million <\/span>in <\/span>pre-<\/span>tax <\/span>earnings. <\/span>The <\/span>investment <\/span>has <\/span>since <\/span>returned <\/span>more <\/span>than $<\/span>1.6 <\/span>billion. <\/span>With <\/span>roughly <\/span>70 <\/span>percent <\/span>of <\/span>its <\/span>stores <\/span>located <\/span>in <\/span>California, <\/span>See\u2019s <\/span>remains <\/span>a <\/span>modest <\/span>regional <\/span>business, <\/span>but Buffett\u2019s late business partner, Charlie Munger<\/a>, credits it <\/span>as an example of<\/span> buying great businesses at fair prices.<\/a> Until then, Buffett and Munger had focused on buying distressed assets.<\/p>\n

BYD<\/a>: <\/span><\/strong>In <\/span>2008, <\/span>following <\/span>a <\/span>recommendation <\/span>from <\/span>Munger, <\/span>Buffett <\/span>invested $<\/span>232 <\/span>million <\/span><\/a>to <\/span>acquire <\/span>a <\/span>10 <\/span>percent <\/span>stake <\/span>in <\/span>Chinese automaker<\/span>\u00a0<\/span>BYD. <\/span>Although <\/span>Buffett <\/span>initially <\/span>sought <\/span>to <\/span>buy <\/span>a <\/span>larger <\/span>portion <\/span>of <\/span>the <\/span>company, BYD <\/span>founder <\/span>Wang <\/span>Chuanfu <\/span>declined <\/span>to <\/span>sell <\/span>more. <\/span>The <\/span>investment <\/span>proved <\/span>to <\/span>be <\/span>a <\/span>standout <\/span>success: <\/span>by <\/span>2021, <\/span>Berkshire\u2019s <\/span>stake <\/span>had <\/span>grown <\/span>to $<\/span>7.7 <\/span>billion.<\/span><\/p>\n

National <\/span>Indemnity <\/span>Company: <\/span><\/strong>National <\/span>Indemnity <\/span>Company, <\/span>based <\/span>in <\/span>Omaha, <\/span>was <\/span>Buffett\u2019s <\/span>first <\/span>major <\/span>insurance <\/span>acquisition, <\/span>finalized <\/span>in <\/span>1967. <\/span>The <\/span>deal <\/span>marked <\/span>a <\/span>turning <\/span>point <\/span>for <\/span>Berkshire <\/span>Hathaway, <\/span>providing <\/span>a <\/span>consistent <\/span>source <\/span>of <\/span>investment <\/span>capital <\/span>through <\/span>the <\/span>insurer\u2019s <\/span>float\u2014<\/span>the <\/span>cash <\/span>held <\/span>between <\/span>collecting <\/span>premiums <\/span>and <\/span>paying <\/span>out <\/span>claims. <\/span>That <\/span>float <\/span>has <\/span>since <\/span>become <\/span>a <\/span>defining <\/span>feature <\/span>of <\/span>Berkshire\u2019s <\/span>investment <\/span>model, <\/span>reaching $<\/span>173 <\/span>billion <\/span>by <\/span>the <\/span>end <\/span>of <\/span>the <\/span>first <\/span>quarter <\/span>of <\/span>2025.<\/span><\/p>\n

Blue <\/span>Chip <\/span>Stamps: <\/span><\/strong>In <\/span>the <\/span>late <\/span>1960s, <\/span>Buffett <\/span>acquired <\/span>controlling shares in<\/span>\u00a0<\/span>Blue <\/span>Chip <\/span>Stamps, <\/span>a <\/span>business <\/span>flagged <\/span>by <\/span>value <\/span>investor <\/span>Rick <\/span>Guerin <\/span>as <\/span>significantly <\/span>undervalued. <\/span>The <\/span>company <\/span>sold <\/span>stamps <\/span>that <\/span>customers <\/span>could <\/span>redeem <\/span>at <\/span>retail <\/span>stores, <\/span>though <\/span>many <\/span>went <\/span>unused, <\/span>leaving <\/span>Blue <\/span>Chip <\/span>with <\/span>large <\/span>reserves <\/span>of <\/span>unclaimed <\/span>cash. <\/span>The <\/span>acquisition <\/span>gave <\/span>Berkshire <\/span>access <\/span>to <\/span>roughly $<\/span>100 <\/span>million <\/span>in <\/span>capital<\/span>, <\/span>which <\/span>Buffett <\/span>then <\/span>used <\/span>to <\/span>fund <\/span>early <\/span>investments <\/span>in <\/span>companies <\/span>like <\/span>See\u2019s <\/span>Candies <\/span>and <\/span>Coca-<\/span>Cola.<\/span><\/p>\n

Blunders<\/h3>\n

Dexter Shoe: <\/strong>Calling it his \u201cmost gruesome mistake,\u201d Buffett paid $433 million for Dexter Shoe in 1993, which quickly collapsed shortly after.<\/p>\n

Berkshire Hathaway (Yes, Really): <\/strong>Buffett <\/span>has <\/span>also <\/span>called <\/span>his <\/span>original <\/span>investment <\/span>in <\/span>Berkshire <\/span>Hathaway <\/span>a <\/span>mistake. <\/span>The <\/span>company <\/span>was <\/span>a <\/span>struggling <\/span>textile <\/span>manufacturer <\/span>when <\/span>he <\/span>took <\/span>control, <\/span>and <\/span>he <\/span>has <\/span>since <\/span>admitted <\/span>that <\/span>the <\/span>purchase <\/span>was <\/span>driven <\/span>by <\/span>emotion <\/span>rather <\/span>than <\/span>sound <\/span>analysis. <\/span>While <\/span>Berkshire <\/span>ultimately <\/span>became <\/span>his <\/span>investment <\/span>vehicle, <\/span>he <\/span>believes <\/span>the <\/span>early <\/span>capital <\/span>could <\/span>have <\/span>been <\/span>deployed <\/span>more <\/span>effectively <\/span>elsewhere.<\/span><\/p>\n

Tesco:<\/strong> Buffett\u2019s <\/span>investment <\/span>in <\/span>British <\/span>grocery <\/span>chain <\/span>Tesco <\/span>ended <\/span>in <\/span>a $<\/span>444 <\/span>million <\/span>loss. <\/span>Although <\/span>early <\/span>signs <\/span>of <\/span>trouble <\/span>emerged, <\/span>he <\/span>was <\/span>slow <\/span>to <\/span>act, <\/span>later <\/span>acknowledging <\/span>that <\/span>he <\/span>waited <\/span>too <\/span>long <\/span>to <\/span>sell.<\/span><\/p>\n

Amazon: <\/strong>While <\/span>Berkshire <\/span>never <\/span>lost <\/span>money <\/span>on <\/span>Amazon, <\/span>Buffett <\/span>has <\/span>repeatedly <\/span>expressed <\/span>regret <\/span>over <\/span>not <\/span>investing <\/span>in <\/span>the <\/span>company <\/span>earlier. He\u00a0said he \u201cadmired it long ago<\/a><\/span>\u201d<\/a>\u00a0but did not understand the business model enough to make an investment.<\/span><\/p>\n

ConocoPhillips:<\/strong> In <\/span>2009, <\/span>Berkshire <\/span>reported <\/span>its <\/span>largest <\/span>quarterly <\/span>loss <\/span>in <\/span>more <\/span>than <\/span>two <\/span>decades, <\/span>largely <\/span>due <\/span>to <\/span>a <\/span>write-<\/span>down <\/span>on <\/span>its <\/span>stake <\/span>in <\/span>ConocoPhillips. <\/span>Buffett <\/span>admitted <\/span>that <\/span>buying <\/span>into <\/span>the <\/span>oil <\/span>company <\/span>when <\/span>prices <\/span>were <\/span>near <\/span>their <\/span>peak <\/span>was <\/span>a <\/span>miscalculation. <\/span>He <\/span>later <\/span>scaled <\/span>back <\/span>the <\/span>investment <\/span>significantly.<\/span><\/p>\n

US Air:<\/strong> Buffett <\/span>invested $<\/span>358 <\/span>million <\/span>in <\/span>US <\/span>Air\u2019s <\/span>preferred <\/span>stock <\/span>in <\/span>the <\/span>late <\/span>1980s, <\/span>a <\/span>decision <\/span>he <\/span>later <\/span>labeled <\/span>an \u201c<\/span>unforced <\/span><\/a>error<\/a>.\u201d <\/span>He <\/span>acknowledged <\/span>underestimating <\/span>the <\/span>structural <\/span>challenges <\/span>of <\/span>the <\/span>airline <\/span>industry <\/span>and <\/span>overestimating <\/span>the <\/span>company\u2019s <\/span>ability <\/span>to <\/span>overcome <\/span>them. <\/span>The <\/span>investment <\/span>was <\/span>ultimately <\/span>written <\/span>down <\/span>by $<\/span>269 <\/span>million, <\/span>reducing <\/span>its <\/span>value <\/span>to <\/span>a <\/span>fraction <\/span>of <\/span>the <\/span>original <\/span>amount.<\/span><\/p>\n

\t\t\t\t\"Warren<\/p><\/div>\n