Warren Buffett is a dinosaur who should retire
Prefacing this off by
However, his style of investing has become outdated and irrelevant, and his success could never be repeated. The main drivers of this are 1) the federal reserve and 2) the absolutely mind-blowing rate of change and innovation which we have now.
Technology stocks are obviously the future, and we're way past the inflection point for that. Buffett missed the boat for that and does not understand technology well.
"If I taught a class, on my final exam I would take an Internet company & ask, How much is this company worth? Anyone who would answer, I would flunk." - Warren Buffett, 1998
He invested in Apple, yes, great pick obviously, but he also sold off Apple shares when he shouldn't have. His trades for the past few years have been pretty bad (ie panic selling Delta and a $15B write off of Kraft Heinz merger) and he wasted the COVID-19 dip when he could have bought an incredible amount of great companies for an unprecedentedly low price.
ESG is the future, and we're at the inflection point for that. Buffett is on the wrong side of that (which makes sense, he's made a lot of money on oil companies). Bitcoin and digital assets are the future, and we're at the inflection point for that. Buffett is on the wrong side of that (Bitcoin is rat poison squared), and Charlie Munger is even worse.
"Of course I hate the Bitcoin success," Charlie Munger said at a Berkshire meeting yesterday. "I should say modestly that I think whole damn development is disgusting and contrary to the interests of civilization, and I'll leave the criticism to others."
Buffett is a value investor who was able to thrive in his time, but hasn't tried to leave his comfort zone, and subsequently the returns for Berkshire have gotten left behind as well. It's fine to admit what you don't know, that's wisdom, but actively insulting technology stocks and Bitcoin like Buffett has is arrogant, ignorant, and plain wrong. He's on the wrong side of history now, watching a Berkshire meeting is like watching a 45 year old quarterback struggle to throw the ball more than ten yards in the field. Buffett and Munger should retire, they've been prolific legends of investing, but it's time to pass the torch to new investors who actually understand technology. I'm sure I'll get a bunch of MS for this post, because value investors view Buffett as the Jesus Christ of their religion, but quite frankly, Warren Buffett has become irrelevant and Berkshire will never outpeform while he's still at the helm.