在1次波克夏的股东大会上，巴菲特近乎调促地说：“如果我是在大学里教投资学课程，我就会在期末考试的时候出1道题：请问你如何为这些年年亏损的网路科技公司定价？任何提供答案的学生，都会被当场判不及格。假如投资者买入这些网路科技公司的股票，就是在赌博，并不是在投资。

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James Ng

The 75% of shares held by Berkshire are generally concentrated in only 5 companies. One of Berkshire's many principles of emphasizing is that buy a company with a good business which temporarily have problems or stocks at a cheap price when the stock market declines. Don't try to predict the stock market, the trend of the economy or interest rates, and don't waste money on people who make a living out of various predictions. When choosing and examining a company, Buffett likes companies with conservative financial policies. A company with a consumer monopoly would generally have considerable cash, without a significant long-term debt burden. There is no long-term debt for companies such as Wrigley's Wrigley companies and international perfume companies.

If these companies are only momentary glorified, investing in it will only yield short-term gains. The future is extremely dim and difficult to grasp. Buffett is unimpressed, Buffett said, if you are not prepared to own a stock for 10 years, then you better don't want to have it for 10 minutes. It is unrealistic to expect that your stock will have a handsome return in the next week. In the determination of investment principles and targets, Buffett has pursued "simple" throughout his life. He specializes in companies that are simple to understand the business. As the saying goes, the simpler the business, the better.

At a shareholders meeting in Berkshire, Buffett said: "If I were teaching investment in college, I would have one question in the final exam: How do you value the money losing internet technology company? Any student who provides answers will be judged as fail on the spot. If investors buy stocks of these internet technology companies, they are gambling, not investing.

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James Ng