Insurance would have been a better investment than textiles

Billionaire Warren Buffett described his 1964 purchase of textile mill Berkshire Hathaway, from which his company takes its name, as his dumbest-ever in an interview with CNBC, Investment Week reports.

Buffett, who described the purchase as a $200bn blunder, said in the interview that his investment would be worth twice as much now if he had invested in a good insurance company rather than a textiles firm.

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