Buffet Says He "Blew It" on Energy Sector Investment

Warren Buffet "admits mistake" when he bought ConocoPhillips oil stock at the price peak of $147 for Berkshire Hathaway, his investment company. He, like many other irrational exuberant investors did not fore see the dramatic fall in energy prices in the second half of 2008.

the move cost Berkshire Hathaway "several billion dollars" according to reports quoting Buffet. Berkshire Hathaway posted 2008 net earnings just shy of $5B - a 60% haircut from the $13B of a year earlier.

Based on the US financial sector performance last year Buffet is still looking relatively good.

If Warren Buffet can get caught up in this downward fiscal vortex that badly, what are we mere mortals expected to do?