Buffett to pour cold water on the elite IT: 90's bull market is a big kick up a row

Buffett to speak a smooth tone, with a nasal, rapid articulation, such as a bombard, he thought of the 1990s bull market is a big brawl.

 I packed audience in the IT industry's leading figures, from the big bull market was captured in the rich at the same time, they change the world, at this time, they sit there and silence.  Investment portfolio are full, squeezing a range of luxury valuation of the stock, and they are the front line portfolio position.  They think this is great.  This is a new model - the dawn of the Internet era.  Their attitude is that Buffett has no right to say that they are greedy.  Warren - to break the IT bubble, IT did not take the train - is to spit in their champagne.

 Buffett continues his explanation, although the innovation may be the world out of poverty, but in the history of innovation in the latter part of the investors are not happy ending, he said, like a conductor waving his arms out, replaced by the success of another Slide.

 "This slide shows only a half-page content, which content from a list of up to 70, which includes all U.S. car companies." He goes in the air shook the complete list.  "It has above 2000's car: a car that half of the twentieth century's most significant inventions. Its people's lives have had a tremendous impact. 'However, more than two thousand years ago, the auto companies, only The three companies survived. And, in the past, the three companies selling price is lower than its book value, that is lower than the original investment companies and the amount of money left. As a result, although the car to the United States have had a tremendous positive impact, but But investors have had the opposite impact. "

 Click again, there is a slide.

 "Now let us look at the twenty-first century, a great invention: the plane. From 1919 to 1939, the United States are about more than 200 airlines. Imagine, when you Kitty Hawk in the times, you can Foresee the future development of the aviation industry (Kitty Hawk is the name of the Wright brothers invented the airplane). You may see a dream you can not think of all the world. Historically, the aviation enterprises of all stock investment profits are made, and a few Years ago the same situation. "

 Following a Qing Xiao.  Some people started to put this out-of-date non-energy example, but out of respect, they continue to go listen to Buffett.

 Then Buffett's words are destructive to the audience.  "I think up a story of the oil exploration business. It is up to heaven after death. St. Peter said," We are here strictly residential area of the law, we all oil exploration companies that stay in a.  You see, is completely full, and not to abuse you.  "

 "The oil exploration business, said, 'Do you mind if I say two words?"

 "St. Peter said, 'do not mind.'"

 "Oil exploration business together hand in the mouth, and cried: 'Hell oil'."

 "Lock the cage was opened, all the oil exploration companies have begun to Checkpoint to undershoot."

 "St. Peter said: 'You get it, just like at home. This is the brain child of your property.'"

 "The oil exploration business paused, then said: 'No, I do not think I was right with them, after all, not to wind hole ah'."

 "Ah, this is the way people share feelings - rumor is true, after all, this truth."

 Medium remark caused a burst of laughter, laughter, and then halted because the audience understood what Buffett's words in meaning - they just did not like the oil exploration business mind, listen to rumors, went to hell To look for oil.

 Buffett's changed the subject said that the new model is simply no such issue.  The final price of the stock market will only be a reflection of economic output.

 Buffett placed on a slide show in the past few years, the market value will be much higher than economic growth.  Buffett said, which means that after the Dow did not increase.  "If I have to give this time is most likely to yield, which may be 6%." The latest Gallup survey showed that investors expected the stock to yield 13-22%.

 Buffett reached the front projection.  Bushy brows moving, he pointed to a a pair of naked men and women of comic map - from a legend on the stock market, "Where is the customer's pleasure."  "Men of the women said: 'Some things can not put it on a maiden thorough enough, whether to tell her or see her picture.'" Listen to the audience to understand the means to buy Internet stocks were the Huyou.  There was stiff, silent.  No one laughed, Qing Xiao, laughing and do not guffaw.

 Buffett like to see all of this, he returned to the podium, told the audience he had Berkshire Hathaway has brought them to the "candy bag."  "I just bought a company called NETJETS, it can sell all the power of the jet. I wanted to send you one of a Gulfstream IV aircraft 1 / 4 shares. But when I went to the airport, I sense That most of you, this is really a patronizing. "At this time, everyone laughed.  Buffett went on to say that as an alternative, one that he was prepared to send a jeweler with a small magnifying glass, they should be used to look at each other wearing the hands of his wife's ring.

 This remark is quite eye-point effect, the audience who laughed, applauded.  Then, it also has been silent.  An undercurrent of resentment swept through the room.  In the 1999 annual meeting of Sun Valley, on the stock market over-expansion of the speech is like a house of the notorious people to promote chastity.  Buffett's speech may attract the audience, sitting in the chair, do not leave, but it does not mean they will be ready to give up.

 Buffett's credo is "recognition of single individuals, to criticize a class of people."  His speech is not necessary to make such a deliberate provocation and the turnoff - because he is very concerned about how other people look at him.  He did not name the culprit on the Road name, said he believed these were not his joke Wangxinliqu.  His views on the so strong, can be said to be almost invulnerable to such an extent that he believes that even if someone does not like his point of view the message, they must recognize its power.  Buffett has to answer questions until the end of the meeting.  People began to get up, his speech was applauded.  Whether they Buffett's speech, what was the attitude - this was reflected in a speech worthy of skill to make.

 Buffett get involved in the investment industry 44 years, has been in first class.  However, with a long record, also has been approaching the problem: When Buffett stop footsteps?  He will end its leading position?  When people whispered a polite courtesy, "Warren, a very brilliant speech!", These young celebrities are in fact absent-minded, not Buffett's point of view.

 Buffett is not focused on the wrong, but even if he proved to be the last, but his future investment is expected to severely and his legendary over the past formed a sharp contrast to the case.  Buffett in the early glory days, the stock is cheap, a Buffett a share of the savings to an almost on a person he noted that no one on the floor of the Golden Apple.  And as time goes by, more and more barriers, investment, have the advantage and found that things were not seen, these things are more difficult to grow.  As a result, since the debut of the new force is now time for them to preach that Buffett is the Who?  Claimed that they will ruin the bull market, people who earn less money and who?

 In the final night, fireworks Baoxiang, across the sky, the Sun Valley in 1999 will be another pleasant event.  However, most people do not remember the water or ice-skating performances, but shares of Buffett's speech - or rather, it is 30 years, he published for the first time predicted.