Even big name investors are cautious in this market. In his annual letter to Berkshire Hathaway shareholders, Warren Buffett says he did some "dumb things in investments" last year.
That "major mistake," Buffett writes, was the purchase of millions of shares of ConocoPhillips when oil prices were near their peak.
"I still believe the odds are good that oil sells far higher in the future than the current $40-$50 price. But so far I have been dead wrong," Buffet writes. "Even if prices should rise, moreover, the terrible timing of my purchase has cost Berkshire several billion dollars."
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