Has Warren Buffett lost his mind?

From Justin Brill, Editor, Stansberry Digest:

Following the release of his annual shareholder letter last weekend, billionaire investor Warren Buffett appeared on financial-news network CNBC Monday morning.

Buffett mostly repeated the ideas discussed in the letter, but he also said something that left us scratching our heads…

One of the hosts asked Buffett if he thought buying software giant IBM (IBM) was a mistake. IBM is one of only two losing stock positions his company holds today – the other is farm-equipment maker John Deere (DE) – and Berkshire is currently showing a loss of nearly $3 billion on its $13.8 billion investment.

At first, his answer to this question was “classic” Buffett…

He repeated his well-known stance that he’s happy to see great stocks fall, so that he can buy more. He pointed to several times over his career when his investments initially declined in value before rebounding. And…

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