Here at MarketBeat we like nothing better than to point out when the sacred cows of the investment world turn out to be gobsmackingly incorrect. (If only, because it’s done so rarely.)

And among sanctified bovine financiers perhaps none is so udderly — sorry — teflon-coated as Warren Buffett. As such, we couldn’t help but point out that the Oracle’s rightly celebrated investment acumen didn’t save his beloved Berkshire Hathaway from some less-than-well timed bets on the health care sector in recent years. (Once caveat: Buffett has warned investors against assuming all moves in the Berkshire portfolio are his. Portions of the company’s holdings are managed by Lou Simpson, the head of investing at Berkshire-owned car insurer Geico Corp., according to Dow Jones’ Erik Holm.)

Full Story: http://blogs.wsj.com/marketbeat/2010/05/18/heres-something-buffetts-berkshire-hathaway-got-wrong/