Unforced error
<p><span word="Reader">Reader</span> <span word="question">question</span>:</p><p><span word="Please">Please</span> <span word="explain">explain</span> “<span word="unforced">unforced</span> <span word="error">error</span>” <span word="in">in</span> <span word="the">the</span> <span word="following">following</span> <span word="passage">passage</span> (<span word="Warren">Warren</span> <span word="Buffett">Buffett</span>’<span word="s">s</span> <span word="Portfolio">Portfolio</span>, <span word="Now">Now</span> <span word="Within">Within</span> <span word="Reach">Reach</span>, <span word="WSJ">WSJ</span>.<span word="com">com</span>, <span word="June">June</span> 24, 2009):</p><p><span word="Mr">Mr</span>. <span word="Buffett">Buffett</span> <span word="liked">liked</span> <span word="oil">oil</span> <span word="giant">giant</span> <span word="ConocoPhillips">ConocoPhillips</span> (<span word="COP">COP</span>) <span word="enough">enough</span> <span word="to">to</span> <span word="invest">invest</span> $7 <span word="billion">billion</span> <span word="in">in</span> <span word="the">the</span> <span word="stock">stock</span> <span word="through">through</span> <span word="the">the</span> <span word="end">end</span> <span word="of">of</span> <span word="last">last</span> <span word="year">year</span>, <span word="at">at</span> <span word="an">an</span> <span word="average">average</span> <span word="price">price</span> <span word="of">of</span> $82.55, <span word="according">according</span> <span word="to">to</span> <span word="the">the</span> <span word="Berkshire">Berkshire</span> <span word="Hathaway">Hathaway</span> <span word="annual">annual</span> <span word="report">report</span>. <span word="Anyone">Anyone</span> <span word="buying">buying</span> <span word="today">today</span> <span word="can">can</span> <span word="get">get</span> <span word="it">it</span> <span word="for">for</span> <span word="about">about</span> $41.</p><p><span word="Mr">Mr</span>. <span word="Buffett">Buffett</span> <span word="has">has</span> <span word="conceded">conceded</span> <span word="an">an</span> ‘<span word="unforced">unforced</span> <span word="error">error</span>’ <span word="in">in</span> <span word="buying">buying</span> <span word="this">this</span> <span word="oil">oil</span> <span word="stock">stock</span> <span word="when">when</span> <span word="oil">oil</span> <span word="prices">prices</span> <span word="were">were</span> <span word="booming">booming</span>. <span word="But">But</span> <span word="that">that</span> <span word="doesn">doesn</span>’<span word="t">t</span> <span word="mean">mean</span> <span word="he">he</span> <span word="has">has</span> <span word="given">given</span> <span word="up">up</span> <span word="on">on</span> <span word="it">it</span>. <span word="In">In</span> <span word="his">his</span> <span word="last">last</span> <span word="comments">comments</span> <span word="on">on</span> <span word="the">the</span> <span word="subject">subject</span> <span word="a">a</span> <span word="few">few</span> <span word="months">months</span> <span word="ago">ago</span>, <span word="he">he</span> <span word="reiterated">reiterated</span> <span word="his">his</span> <span word="belief">belief</span> <span word="that">that</span> <span word="demand">demand</span> <span word="for">for</span> <span word="energy">energy</span> <span word="would">would</span> <span word="remain">remain</span> <span word="strong">strong</span>.</p><p><span word="My">My</span> <span word="comments">comments</span>:</p><p><span word="It">It</span> <span word="simply">simply</span> <span word="means">means</span> <span word="that">that</span> <span word="Warren">Warren</span> <span word="Buffet">Buffet</span> <span word="made">made</span> <span word="a">a</span> <span word="mistake">mistake</span>. <span word="A">A</span> <span word="mistake">mistake</span> <span word="Mr">Mr</span>. <span word="Buffet">Buffet</span>, <span word="of">of</span> <span word="all">all</span> <span word="people">people</span>, <span word="could">could</span>’<span word="ve">ve</span> <span word="avoided">avoided</span>.</p><p><span word="At">At</span> <span word="least">least</span> <span word="that">that</span>’<span word="s">s</span> <span word="what">what</span> <span word="an">an</span> “<span word="unforced">unforced</span> <span word="error">error</span>” <span word="is">is</span> <span word="about">about</span>. <span word="I">I</span>’<span word="m">m</span> <span word="not">not</span> <span word="getting">getting</span> <span word="into">into</span> <span word="why">why</span> <span word="Mr">Mr</span>. <span word="Buffet">Buffet</span>, <span word="of">of</span> <span word="all">all</span> <span word="people">people</span>, <span word="failed">failed</span> <span word="to">to</span> <span word="avoid">avoid</span> <span word="it">it</span>, <span word="though">though</span>. <span word="I">I</span> <span word="know">know</span> <span word="better">better</span>.</p><p><span word="And">And</span> <span word="so">so</span> <span word="we">we</span>’<span word="ll">ll</span> <span word="just">just</span> <span word="deal">deal</span> <span word="with">with</span> “<span word="unforced">unforced</span> <span word="error">error</span>”, <span word="which">which</span> <span word="is">is</span> <span word="originally">originally</span> <span word="a">a</span> <span word="sporting">sporting</span> <span word="term">term</span>, <span word="and">and</span> <span word="most">most</span> <span word="popularly">popularly</span> <span word="seen">seen</span> <span word="in">in</span> <span word="the">the</span> <span word="game">game</span> <span word="of">of</span> <span word="tennis">tennis</span>.</p><p><span word="In">In</span> <span word="tennis">tennis</span>, <span word="people">people</span> <span word="talk">talk</span> <span word="about">about</span> <span word="serves">serves</span> <span word="and">and</span> <span word="volleys">volleys</span>, <span word="you">you</span> <span word="see">see</span>, <span word="and">and</span> <span word="aces">aces</span>, <span word="winners">winners</span> <span word="as">as</span> <span word="well">well</span> <span word="as">as</span> <span word="unforced">unforced</span> <span word="errors">errors</span>. <span word="These">These</span> <span word="are">are</span> <span word="basic">basic</span> <span word="elements">elements</span> <span word="of">of</span> <span word="the">the</span> <span word="game">game</span> <span word="that">that</span> <span word="are">are</span> <span word="kept">kept</span> <span word="as">as</span> <span word="statistics">statistics</span> – <span word="a">a</span> <span word="sum">sum</span> <span word="up">up</span> <span word="of">of</span> <span word="a">a</span> <span word="match">match</span> <span word="in">in</span> <span word="numbers">numbers</span> – <span word="for">for</span> <span word="analytic">analytic</span> <span word="purposes">purposes</span>. <span word="People">People</span> <span word="who">who</span> <span word="are">are</span> <span word="good">good</span> <span word="at">at</span> <span word="these">these</span> <span word="elements">elements</span> <span word="tend">tend</span> <span word="to">to</span> <span word="be">be</span> <span word="good">good</span> <span word="players">players</span>.</p>
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