Nov 9th, 2007 by Martin Lee
Berkshire Annual Letter 2000 (Part 4)
In the annual letter to his shareholders in year 2001, Warren Buffett reminded us again not to believe everything we read in the press about Berkshire.
Reports with incorrect information can be very dangerous when circulated by highly regarded media.
Even Wall Street Journal reported incorrectly in the 29th Dec 2000 issue that Warren Buffett was buying bonds of both Conseco (NYSE: CNO) and Finova (OTC:FNVG) .
The story was subsequently reported on CNBC and picked up by other respected news organisation.
As a result, the share price of Conseco advanced on high volume during the day.
The truth is that Warren Buffett had only purchased bonds of Finova and not a single share of stock or bond of Conseco.
With information spreading so rapidly on the internet these days, it is even more likely that “false news” gets circulated.
Do not trust everything you read on the internet, even things on this website! :)