Breaking

Wednesday, January 10, 2018

Let's remember how wrong Warren Buffett has been about technology before...

With cryptocurrency in the spotlight and a media that loves to push doom and gloom, Warren Buffett's comments today are being picked up and shared by virtually every mainstream and financial news outlet.

For those who don't know, Warren Buffett is one of the most successful investors on the planet and he's made billions doing it.  In 2008 he was the "richest person in the world" - so understand we're not calling him stupid, that's not the point here.

Today speaking to CNBC's "Squawk Box" he said on the topic of cryptocurrencies:

"I can say with almost certainty that they will come to a bad ending."

But we do think some perspective is needed when someone like him speaks on cryptocurrencies, or tech in general.

Buffett made his billions in in old school industries and traditional finance - coal, tobacco, Coca Cola, Heinz, Bank Of America... you get the idea.

On technology, he's the first to admit - it's not his area of expertise.

When asked why he missed out on Amazon, his response was "I was too dumb".  When asked why he hadn't invested in Google - "I blew it" said Buffett.

Buffett is a genius, when it comes to the things he's a genius on. Technology isn't one of them. 

In fact, history tells us, if it's tech and Buffett doesn't believe in it - a bright future is ahead.

-------
Author: Oliver Redding
Seattle News Desk