Changing the world doesn’t mean investors will make money

In April 2000, at Berkshire Hathaway’s shareholders’ meeting, a shareholder suggested to Buffett: allocate 10% of the funds to position for internet and technology stocks. The whole market is chasing the tech rally—why not get involved?
Buffett replied: “We will never buy a business that we cannot truly understand. Our standards are simple: we must be able to reasonably predict what this company will look like a decade from now.
The internet industry is indeed changing the world, but changing the world is not the same as being able to make investors money.”