Warren Buffett has never tried to hide one of his biggest acquisition mistakes. Berkshire Hathaway (BRK.A) (BRK.B) paid about $37.2 billion for Precision Castparts in 2016, making the aerospace-parts manufacturer one of Buffett's largest acquisitions. Then the pandemic crushed commercial aviation. Berkshire eventually took a roughly $10 billion write-down on the business, and Buffett acknowledged that he had paid too much. Six years later, the mistake looks completely unique. GE Aerospace (GE) recently agreed to spend $11.75 billion for a smaller competitor, Consolidated Precision Products, or CPP, which creates complicated castings for aviation engines and gas turbines.
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