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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.

That was while the tech bubble was inflating. It turned out quite a lot of tech companies couldn't make money.

Something similar happened in telecom. A bunch of accountants said "we don't know how MCI and Worldcom can be making that much money in this industry" and a bunch of big-company bigwigs said that if they couldn't make the same kind of money, they didn't want to try to compete, because in the long run they'd be flushed out. Then it turned out that MCI and Worldcom *couldn't* make that much money.
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