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Author: knighttof3 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 449281  
Subject: Re: Catastrophe theory, instability, risk Date: 10/11/2012 7:10 PM
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For example, he has said he doesn't understand tech stocks.



Actually, what he said was that he didn't understand how a lot of tech companies were supposed to make money.


Here is the exact quote. Both of us are (almost) right. He understands technology but not the long-term implications for tech stock prices.

Warren Buffett: We understand technology products and what they do for people. But we don't understand the economics ten years out -- the predictability of it. Is it comprehensible? We do think about it, but we don't get anyplace. We would be skeptical of anyone who says they can. Even my friend Bill Gates would agree.
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