Even for Warren Buffett, somethings there are things outside of his control that can cause a loss:
Berkshire loses millions in "Ponzi-type" solar scheme
Warren Buffett's Berkshire Hathaway took a $377 million charge after investing $340 million in funds tied to DC Solar, a company that filed for Chapter 11 bankruptcy in February.
In an affidavit connected to the bankruptcy, an FBI agent said the the way the company operated showed "evidence of a Ponzi-type investment fraud scheme."
Berkshire said in a filing that from 2015 to 2018, it put $340 million into "certain tax equity investment funds." Then late last year and early this year, it learned of "allegations by federal authorities of fraudulent income conduct by the sponsor of these funds."
After looking into the matter, Berkshire took the charge because "we now believe that it is more likely than not that the income tax benefits that we recognized are not valid."
The filing did not name the funds' sponsor, but Berkshire told CNBC and several other media outlets that it was DC Solar.
Berkshire isn't alone. Progressive, the arch rival to GEICO, also believes it's been scammed.