[dalbasal]

I think not investing in technology was a sort of inflection point for buffet. His mantra was to understand what he was investing in, and he didn't understand most tech markets. Tech markets got too big to sit out.

5 of the top 10 most profitable companies are technology companies. The rest are financial firms (BRK is actually the most profitable). Most of these tech companies' value is related to network effects, platform control and such. These are "moats" that WB doesn't understand.

So yeah... I think times overtook the man. The space he was operating in shrank. That said, BRK is still doing fine, well run, etc. They also impact the world in ways a vanguard or softbank don't.