No. of Recommendations: 5
And I can hear the critics already: "If everyone invested this way, there would have been no Cisco, no Microsoft, no Yahoo!." And, of course, the world would crack if everyone jumped at the same time. Of course, only a very tiny percentage will jump, and very few more will invest with the cold detachment of Graham; so at least some of the future Yahoo!s will always find capital.

Buffett (as usual) said it best:

I should emphasize that, as citizens, Charlie and I welcome change: Fresh ideas, new products, innovative processes and the like cause our country's standard of living to rise, and that's clearly good. As investors, however, our reaction to a fermenting industry is much like our attitude toward space exploration: We applaud the endeavor but prefer to skip the ride.
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When Life Gives You Lemons
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