Warren Buffett's Berkshire Hathaway Inc. underestimated the risks of falling stock prices to its billions of dollars of derivatives bets, yet still believes it is valuing the contracts fairly.
Noooo, get out!
Berkshire revealed its error in a June 26 letter to the U.S. Securities and Exchange Commission, one of several pieces of correspondence with the regulator about the company's annual report, and made public on Thursday.
We tend to think that these options get overblown, and that the oracle deserves a bit of room on these issues. Seriously, the guy could slip a sexually suggestive comment into a cub scout dinner and no one would even notice. What could a few harmless options do? What more could you want from a finance guy?
Jeffrey Epstein, put your hand down!