Friday, December 11, 2009

In Year of Investing Dangerously, Buffett Looked 'Into the Abyss'

Warren Buffett believes his best deals during the economy's biggest belly flop since the Crash of 1929 may well turn out to be the ones he didn't do.

Mr. Buffett slammed the door on one opportunity after another during the most harrowing stretch of his storied career. That impulse, he says, left him with the financial firepower he needed last month to strike the biggest deal he has ever done -- Berkshire Hathaway Inc.'s $26.3 billion purchase of railroad Burlington Northern Santa Fe Corp.

In a series of interviews with The Wall Street Journal, Mr. Buffett gave his most complete .