Tuesday, November 29, 2005

Not to Invest in Tech Stocks

"It's no religious thing why we don't invest in technology. It's just that we've never found a company were we think we know what the bush will look like in 10 years and how many birds will be in it. We will never buy anything we don't understand, defined as having a good idea what the business will be in 10 years."

"We understand technology, how businesses can apply it, its benefits, impact on society, etc. It's the predictability of the economics of the situation 10 years out that we don't understand. We would be skeptical that anyone can. I've spent a lot of time with Bill Gates and Andy Grove and they would say the same thing."

"The only way we know how to make money is to buy businesses we understand."

"We are enormously risk-averse. We don't knowingly go into a business where we see significant risk of change."

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