Happy New Year. I've been lurking and enjoying this board for years. First heard of WEB in college nearly 25 years ago reading Train's "Money Masters" for an investment analysis class. I've been a BRK holder for nearly 7 years. Never sold a share, but added many during bubble mania in 99-00, and other times BRK has dropped steeply for no good reason.
My lovely, loving wife has an MBA from a top 10 business school. Notwithstanding that (or because of it?)in fall of 99, she was adamant about ditching BRK for things like JDSU, ARBA, etc. For XMas, I gave her a romantic weekend in Omaha for the next annual meeting. I figured six hours or so of listening to WEB and CTM (not to mention Borsheim's reception!)ought to cure her. Heard Charlie's immortal "raisins in turds" line live and in person. Anyway, no more talk of JDSU and its ilk has been heard since (although I've heard a bit lately about the stock price this year not matching indexes--perhaps another pilgrimmage to Omaha needed).Looking forward to another "banner year", in which it would not surprise me if price hit 100 at some point. My kids can't wait, as they know they get an extra Blizzard that night! Best of luck to all for '04.
I am glad that you and your family did well with your savings plans (I assume you did not make a fortune in Berkshire).
However just think of how many other "horrible" things the world could have been saved from, besides JDSU, if no one ever wanted risk their money and opted for safe investments instead. There would be no internet, no computers, no software, no mesage boards and no chat. Only shaving supplies, soft drinks, bricks and ample insurance policies.
To use Buffett's space exploration comparison, I applaud the effort, but I'll skip the ride. My criticism of tech bubble investments has nothing to do with innovation and invention, and everything to do w/capital stewardship and misalignment of owner and managerial interests, not to mention prices that were (and may still be) insane.