As I understand it he made some serious missteps in the recession. WP:

> Berkshire Hathaway acquired 10% perpetual preferred stock of Goldman Sachs at $123[40] only for it to fall to below $60. Furthermore some of Buffett's Index put options (European exercise at expiry only) that he wrote (sold) are currently running around $6.73 billion mark-to-market losses.

Warren Buffett tarnished as Main Street oracle http://www.thestar.com/Business/article/604619

Buffett suffers big losses at Berkshire Hathaway http://www.bloggingstocks.com/2009/02/28/buffet-suffers-big-...

(d Berkshire's net worth dropped a whopping $10.9 billion in the final three months of 2008.

Berkshire's shares have fallen 44% since the end of February 2008. )

etc...