New Delhi, Feb. 23 -- Warren Buffett, a celebrated investor and businessperson who leads the multinational company Berkshire Hathaway Inc., openly confessed in his annual report that he makes mistakes at Berkshire and also indicated that committing mistakes or errors should not be taboo.

In his 15-page letter to shareholders, the American business leader mentioned "mistake" as many as 13 times, though in different contexts.

Buffet said the cardinal sin is delaying the correction of mistakes and not making mistakes in the first place. At Berkshire, he said, "Mistakes--Yes, we make them at Berkshire."

"The cardinal sin is delaying the correction of mistakes or what Charlie Munger called 'thumb-sucking'. Problems, he would tell me, cannot...