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From an email I received from WEB:


I enjoyed your “Never Lose Money.” There are two minor errors that I want to point out to avoid use in the future (but not for correction now; it's just not that important).

I've made a ton of mistakes. One of the very worst was to buy Dexter Shoe. But H. H. Brown has been fine. The H. H. Brown mangers are handling the Dexter operation now (a small fraction of its original size), but it was Dexter that was a disaster, not Brown.

We actually made a lot of money out of US Airways. This was only after we had written down our $300 million plus investment to 25% of cost and after I failed in a vigorous attempt to get rid of our preferred at 50 cents on the dollar. We would have had close to a $200 million loss if I had been a successful salesman.

Then Steve Wolf got the one puff out of the used cigar butt and US Air common ran way up. We converted and sold, so we ended up with a very high yield plus a good capital gain.

I could give you other examples where I haven't been so lucky, but they're too painful.


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