Not every bet pays off. That's why there is risk in investment. It doesn't mean Berkshire didn't perceive value or sound management, it just means that they w

Not every bet pays off. That's why there is risk in investment. It doesn't mean Berkshire didn't perceive value or sound management, it just means that they were wrong. They're good because they're right more often than the other guys doing the same thing, but they won't hit on every bet.