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Subject:  Re: Catastrophe theory, instability, risk Date:  10/11/2012  7:10 PM
Author:  knighttof3 Number:  405826 of 569670

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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