Many "value investors" have stayed away from "technology" - it took Buffett a while to get into Apple, and it wasn’t until after missing the early days of $MSFT, $AMZN, & others. The economics and multiples of these new businesses didn't fit the "value" template... https://twitter.com/iramneek/status/1298599980450476033

...Bucketing "value" & "growth", etc. has made this worse ( @chriswmayer has written about this frequently; see below). The result? High opportunity costs for not investing in “tech”. But in Buffett’s early days, you could argue that he was a “tech" and "growth" investor...

…In 1948, Ben Graham acquired a chunk of GEICO – Buffett invested in 1951 and wrote about it in “The Security I Like Best” ( http://sabercapitalmgt.com/wp-content/uploads/2013/05/The-Security-I-Like-Best.pdf). At this time, just over half of U.S. households had automobiles, indicating a long runway for growth, which WB noticed…

…This went on to be a top investment, and by 1972 had reached 500-bagger status. Graham has noted the difficulty in distinguishing between luck and skill. But what if Graham had all the context? Interesting to think about…

…Society is always seeing the widespread adoption of new technologies (and the simultaneous abandonment of others) - e.g., cell vs. landline. Most take the internet for granted, but we’re still only halfway there on a global basis. The story is far from over...

…The internet has sparked an explosion of new "technologies" and business models solving new problems in new ways... ( @benedictevans covered this well here: https://www.ben-evans.com/benedictevans/2018/11/16/the-end-of-the-beginning)

...In the future, there will be new tech we can't fathom. Investors must adapt. As @benthompson put it: "That is exactly what happened with the automobile: its existence stopped being interesting in its own right, while the implications of its existence changed everything."

Disclaimer: This is not a recommendation to purchase or sell any companies or securities mentioned.