3 ms·
The funny thing about these people is that they did really well for a few decades. And then it dried up. Computers, the internet, software - it changed the worl
by danielmarkbruce 4y ago
The funny thing about these people is that they did really well for a few decades. And then it dried up. Computers, the internet, software - it changed the world so much in the last 20 years that many things which looked like "deep value" just went belly up.
Eddie Lampert is a great example of a (brilliant) graham and doddsville guy who basically got squashed by not understanding the world had changed.
Over the past 20 years the tech "intellectual village" has been the smart money. They'll probably be for another 20 years. And then someone will point to it with a similar explanation that Buffett had. And then they'll get crushed by whatever multi-decade driving force comes next.
- sgerenser 4y agoI don’t disagree, but somehow Buffett still managed to pivot from investing in newspapers and railroads to being one of the largest investors in Apple. Although even with his excellent timing on that one Berkshire only roughly matched the S&P over the past 15-20 years.
- danielmarkbruce 4y agoYup he deserves credit, he's one of the very few graham and dodds guys who has been able to adjust.