Introduction

Michael Lachak: Berkshire Hathaway's energy future holdings likely bankruptcy is a consequence of unexpected and dramatic decline in natural gas prices. Could you also comment on whether participation of some sponsors of energy future holdings, which include the very best of private equity, contributed to your decision to invest was a degree of crowd mentality at play? Warren Buffett: I would be unwilling to share the credit for my decision to invest in energy future holdings with anybody else. That was just a mistake on my part. It was a significant mistake and we will make mistakes in the future.