Why Buffett is change-averse · Transcript · BuffettMungerGPT

WarrenWe think we have some ability to find businesses where we don't think change is going to be very important. We think we know in a general way what the soft drink industry or the shaving industry or the candy business is going to look like 10 or 20 years from now. We think Microsoft is a sensational company run by the best of managers, but we don't have any idea what that world is going to look like in 10 or 20 years. Now, if you're going to bet on somebody that is going to see out and do what we can't do ourselves, I'd rather bet on Bill Gates than anybody else, but that, I don't want to bet on anybody else. I mean, in the end, we want to understand ourselves where we think a business is going. And if somebody tells us the business is going to change a lot, in Wall Street, they love to tell you that, you know, that's great opportunity. They don't think it's a great opportunity when Wall Street itself is going to change a lot, incidentally, but they, you know, it's a great opportunity. We don't think it's an opportunity at all. I mean, it scares the hell out of us because we don't know how it's going to, how things are going to. change. We are looking, you know, when people are chewing chewing gum, we have a pretty good idea with how they chew it 20 years ago and how we'll chew it 20 years from now. We don't really see a lot of technology going into the art of the chew, you know. So that, and as long as we don't have to make those other decisions, why in the world should we? I mean, you know, if I, at all kinds of things we don't know. And so why go around trying to bet on things we don't know when we can bet on the simple things?