Many people follow Warren Buffet blindly when it comes to investment advice. Yes he has been incredibly successful over the long term, but past performance is not indicative of future results. This statement couldn't hold more truth than when it comes to technology.
The world has changed dramatically the past 10-20 years, especially with technology. Most of the technology we grew up with has been obsolete for a decade. Not to age discriminate, but the older we get, the less inclined we are to know about the newest technologies as things change so rapidly. Warren famously said that he does not invest in industries he does not understand. Years later after missing out on more than 3,000% growth, he finally purchased Apple and admitted that he made a mistake on Apple, was wrong on Google and was "too stupid to appreciate" Amazon. His one Tech purchase was IBM which tanked after he bought it because its business model was not working against the new technology companies. IBM has had a recent resurgence as it finally entered the opportunities of today. They have seen the potential of the cloud and blockchain. Big Blue partnered with Stellar Lumens and are rolling out one of the largest financial networks showing they believe in the new technologies and its future.
Check out past articles by Fortune and CNBC:
http://fortune.com/2017/05/06/warren-buffett-berkshire-hathaway-apple-google-stock/
https://www.cnbc.com/2017/05/06/warren-buffett-admits-he-made-a-mistake-on-google.html
With a history of being wrong on technology investments, we are now supposed to follow his advice on the newest game changing technologies? Could it be that he just does not understand this sector of the market or maybe Block Chain, Bitcoin and other alt coins threaten his heavily weighted Finance and Insurance portfolio? That would make him no different than Jamie Dimon CEO of JP Morgan Chase trying to protect his kingdom. Jamie Dimon has at least already admitted he was wrong. At some point, Warren Buffet will have no choice but to yet again admit his mistakes and invest after missing out on massive profits yet again.
In Summary, we are entering a new age. Do your own research and make decisions that you are comfortable with because man times the only thing that matters is what will likely happen in the future. The only thing we have learned from the past is technology will eventually end up there. Don't end up like Warren on Apple, Google and Amazon. If Goldman Sachs is changing its tune, there is something too it, but we already knew that!
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