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In this context, Warren Buffett’s annual letter in 1996 made an interesting point.

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Warren Buffett’s annual letter in 1983 notes that: “I was taught to favour tangible assets and to shun businesses whose value depended largely upon economic goodwill.

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Warren Buffett’s annual letter of 2017 noted: “Though markets are generally rational, they occasionally do crazy things.

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Warren Buffett’s annual letter in 1986 noted: “if there’s a lot of technology, we won’t understand it”.

On the contrary, this doesn’t mean Buffett was inflexible concerning technology.

In Warren Buffett’s annual letter, 2014, he noted: “At Berkshire, we prefer owning a non-controlling but substantial portion of a wonderful company to owning 100% of a so-so business.

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Warren Buffett’s annual letter in 2005 noted, “Long ago Sir Isaac Newton gave us three laws of motion.

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Warren Buffett’s annual letter, in 2017, illustrated this point as well.

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