Charlie Munger Analyzes Current mess

[haha]

So I go back to the raisins and turds. I still believe that the point being made was that Berkshire wasn't confident with their ability to pick the long-term winners and losers in tech and thus had a hard time putting a fix on their current intrinsic value. Add to that insanely high valuations at the time for even the "turds," and you have a recipe for staying away from that sector.

And your reason for this is...?

 

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And your reason for this is...?

Because Buffett has said that in the past that he's not confident about being able to value tech companies because of the volatility in the businesses, and because sudden shifts in technology can leave today's winners as tomorrow's losers with little warning. I'd have to search around for a cite, but I know he's said such things in the past, as I've followed Berkshire rather closely in the last dozen years.

Hey, I only said it's what I conclude. I may well be wrong.

 

[haha]

Because Buffett has said that in the past that he's not confident about being able to value tech companies because of the volatility in the businesses, and because sudden shifts in technology can leave today's winners as tomorrow's losers with little warning. I'd have to search around for a cite, but I know he's said such things in the past, as I've followed Berkshire rather closely in the last dozen years.

Both Buffett and Munger have said those things over and over. No question about that.

However, I thought that the issue being discussed was the context and meaning of CM's raisins and turds comment, which I think is pretty well settled by the quote from the 2000 annual meeting notes. Unless you have another transcript which contradicts that, or makes it clear that Munger was in fact referring to the difficulty of assessing tech companies.

ha