Technology

“The biggest problem in starting high-tech businesses is the shortage of superior managers. There is too much money chasing too few good managers.”

“The value approach has been founded on the premise that in many — but by no means in all — cases a dependable range of valuation can be established for a common stock by analytical techniques; that often this range differs substantially from the current price; and that such differences offer rewarding opportunities for investment operations.”

“The great lesson in microeconomics is to discriminate between when technology is going to help you and when it’s going to kill you.”

“Hoaxes, frauds, manias, and other large-scale financial irrationalities have been with us from the beginnings of the markets in the seventeenth century, long before the Internet.”

“Value investors tend to look for what they perceive to be stable businesses and technology is fast changing almost by definition.”

“Disruption stories often ignore economics.”

“Economic development or growth occurs in three different processes: in the increase of population, in the accumulation of capital, and in the technological progress which enables us to produce more things, better things, different things, or the same things more cheaply.”

“Technology is the ultimate definition of human capital.”

“Value to some extent is in the eye of the beholder. It is very hard to pin down what the value of a future set of cash flows from a business, be it cable TV or biotechnology, is going to be.”