The Gartman Letter's Dennis Gartman isn't standing behind his reported "Warren Buffett is an idiot" quote. But he does tell CNBC it's "inexcusable" that Berkshire Hathaway fell roughly 45 percent in one year because Buffett didn't do enough to "mitigate" his losses in a tough market environment.
Gartman: "Mr. Buffett made some terrible mistakes last year. We all made some mistakes. And the fact that Mr. Buffett was down, what, 45 percent, that Berkshire was down 45 percent, and that not enough action was taken to mitigate those losses, I thought was disconcerting and poor trading...Mr. Buffett made some terrible mistakes last year and when you're down 45 percent for a year, I'm sorry, that's inexcusable."
