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Non-Tech : Berkshire Hathaway & Warren Buffet

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To: 249443 who started this subject	10/20/2001 10:59:03 AM
From: 249443	of 240

When Will Warren Wise Up? thestreet.com By James J. Cramer 5/1/00 7:22 AM ET Maybe I am just too cynical, but I don't see why anybody celebrated with Warren Buffett this weekend. Buffett seems to revel in his antitechnology stance and his acolytes seem equally as thrilled with his avoidance of tech. This meeting, well-covered by Chris Edmonds in our cyber pages, seemed almost Luddite-like in its antitech stance. Not only did Buffett seem to grow testy when asked about his antagonism toward the tech sector, he actually compared much of technology investing to Ponzi schemes like chain letters. The thing that Buffett continually gets wrong in his dismissal of technology is that most of these companies are simply great manufacturers, making products no more difficult to understand than the insides of a vacuum cleaner. Maybe I was deluding myself, but I thought that Buffett would continue to be as humble as he was in his most recent shareholder letter. No such luck. I can't imagine a less humble gathering. Buffett has also grown inconsistent of late. He talks about how newspapers are going to get hit by the Net, but he hangs on to his publicly traded newspaper holdings. He admits to dumping Disney (DIS:NYSE - news) at what now looks like the bottom. He says that insurance will be a great business, but offers no empirical data that would lead us to believe it is bottoming. Coke (KO:NYSE - news), one of his largest holdings, has repeatedly missed estimates, and he doesn't even seem to care. Look, I know that Buffett is a great man and a great long-term investor. But this weekend, he should have donned a hairsuit. He should have said why he was wrong to avoid technology. This is not just my Philadelphia upbringing (where I saw a packed Veterans Stadium boo Mike Schmidt for striking out in his fourth time at bat after belting a pair of homeruns in a couple of earlier innings). The notion of humility seems to be banished from Omaha. It's not a good sign for the future of Berkshire Hathaway (BRK.A:NYSE - news).

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