In 1998, Berkshire Hathaway announced that it was planning to acquire reinsurance giant General Re for a total of $23.5 billion.
Q2 hedge fund letters, conference, scoops etc
While this looked to be a good deal at the time, in the years immediately after the transaction completed, it became apparent that Warren Buffett might have made a rare mistake. Since then, it has developed into one of his most costly errors of all time.
A troubled business
Cracks started to show at General Re almost as soon as the ink was dry on the Berkshire deal.
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