One of the things that makes Warren Buffett such a valuable source of knowledge about investing is his willingness to admit his mistakes. After all, we often learn a lot more from our mistakes than from our successes.

If you comb through Buffett's letters to Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) shareholders, you'll find Buffett discussing mistake after mistake, year after year. He often goes on to explain his thought process before making the mistake, what he got wrong, why he got it wrong, and what to expect going forward. That makes his annual letter to shareholders a must-read for just about anyone who wants to learn to be a better investor or even a better decision-maker.

But there's one mistake Buffett puts high up on his list of blunders. He's described it as "monumentally stupid" and "the dumbest stock I ever bought." And it couldn't have worked out better for Berkshire Hathaway shareholders.

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Source Fool.com