Good point, sloppy omission on my part. Though, I think part of the lack of understanding was that they didn’t understand how to forecast cashflows for tech com

Good point, sloppy omission on my part. Though, I think part of the lack of understanding was that they didn’t understand how to forecast cashflows for tech companies either. Buffett did invest in many (physical product) companies whose technology he didn’t understand - he understood their balance sheets.