WARREN'S GOT BALLS!

Owning up to your mistakes is not something that every CEO or Chairman could do. In most annual reports and media releases, you would witness glowing statements from the men on the top. During bad quarters or years, you would see notes of caution.

But that is about it. Nothing on saying things like 'I made a colossal mistake'. Nothing.

That is why I say Warren, in this case Warren Buffett has got some guts and gumption in admitting to his past investment mistakes. 

I hope more top management would be able to do this. But most of them are transitory in nature and move on in a matter of years. Perhaps the family-owned businesses, listed or not, would have better luck at dishing out such words of steel.

Bill Gates termed this the most important letter by Buffet, thus far.