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good afternoon Mr Buffett and good afternoon Mr manger my name is monish PAB and I'm from the Chicago area uh Mr Buffett I'd like to thank you for all your insights over the years uh I'm especially amazed at the pace at which you answer my letters Point by Point um I have a question for you related to circle of competence uh I have a notion that both Mr monger and yourself understand the Kleiner Perkins model of early stage Venture Capital investing and currently they're focused in the Internet space extremely well uh my notion is that I think it is well within your circle of competence to understand what they do just like you understand your circle of competence to understand what they do just like you understand what your managers at C's candy or executive Jets do so the question is that uh with the internet I think we're seeing a change that has not been seen in the last 500 years um uh as humans we haven't seen something that is as dramatic and as profound that's uh going to come upon us um if uh let's say a John door at Klein of Perkins approached you and uh said that they were starting let's say a billion dollar uh early stage or later stage internet investment fund that Kleiner would manage would you consider that uh would you consider participating in that investment uh to be within your circle of competence if it were offered at terms that looked attractive if you have listened to pre-2000 bshar meetings Buffett was always talking about how technology was not in his circle of competence and he was getting a lot of criticism ISM for not being invested in tech companies so PAB naturally asks if he would consider investing in another fund that will do the tech investing for them now let's listen to Buffett sensor I I I agree with the first part of what you said I mean I'm not sure that it'll necessarily will be the most important thing in the last 500 years in the in the commercial world but it could well be and if it isn't it's right up there I mean it is it is we talked about this last year and maybe even the year before I mean it is a huge development but uh and I would say that Charlie and I both understand the process of of uh early investment SL promotion uh probably as as well as anyone we haven't participated in it there's certain things we don't even like about it but we do understand it right Charlie and I would say that no we we would not have an interest in investing in in the fund it uh uh we do not necessarily regard the internet there's no question if if you're in the early stages of promotion and you particularly if you got a su reputation as a successful in that but in this case it wouldn't make much difference because the whole field has gone wild you will make a lot of money selling to the next stage and the next stage and the next stage but in terms of picking out business that are going to do wonderfully as businesses not as stocks for a while but as businesses I don't think it's necessarily so easy uh in in the internet world and I I would say that if you were to uh ask some very top names in the field to name the next five companies out of the shoot the next 10 companies out of the shoot and predict that one of them will earn say the $200 million I used as a threshold six or seven years from now I'm not so sure they they if they gave you a list that they would name a single one that doesn't mean they might not make a lot of money by being early investors in them because they sell out to the next group and so on but in the end they have to succeed as businesses and if you will succeed as businesses the internet will have a huge impact on the world but I'm not ass sure that that makes it an easy investment decision Charlie oh at least that makes it easy investment decision Charlie well at least it's not an easy investment decision for us and that's what we're looking for yeah we will never turn our money over to somebody else uh you know if we're going to lose your money as Burkshire shareholders we're going to lose it ourselves and we're going to come back and look you in the eye and tell you how we lost it uh we are not going to say this game is too tough so we'll give our money to somebody else you can give your money to somebody else and you don't need the intermediaries of me and and Charlie to do it for you so we we get approached all the time I had a call you know within the last couple of days on something you you would know very well about participating in some funer they always have you know it's always stage one stage two stage three and the idea is we get some more people to come in later at twice the price and maybe the fact that our name is involved in it will cause people to pay even more and all of that sort of thing we're not in that game and we're not going to turn the money over to someone else to manage it's your money you gave it to us to manage we'll manage it if you decide you don't want us to manage it you decide who you who you give it to it we're not going to be intermediaries on it and if uh if we don't understand something ourselves we're not we're not looking for any anybody else to to do it for us it the world doesn't work very well that way anyway I mean it uh usually you end up in the hands of the promoters and not the hands of the people who really know how to make money now let's look at Buffer's response what is striking here is the UN waving commitment to their circle of competence despite acknowledging the transformative nature of the internet both Buffett and manger are clear that venturing into early stage takech Investments is not for them Warren Buffett emphasizes that understanding the early investment process is crucial but it is not about chasing the next hot stock the challenge lies in identifying businesses that will thrive in the long run and in the internet world that is no easy fit Charlie manger then adds a dose of realism stating that it is not an easy investment decision for them in essence they won't delegate their responsibilities to others if Burkshire shareholders are going to lose money Buffett and manger make it clear that they will be the ones to Bear the loss not some external fund manager so what is the takeaway here it is not just about the specific question posed by Pap it is about the fundamental principles of investing that buffet and Monger adhere to they don't chase Trends or delegate their responsibilities their approach is grounded in a deep understanding of businesses and if they don't comprehend something they won't inv m in it this Timeless philosophy is a testament to the importance of staying true to your circle of competence it might be tempting to jump into the latest and greatest opportunities especially in a rapidly changing world like ours still Buffett's words remind us that successful investing is about discipline understanding and most importantly sticking true to what you know so let buffet and mongers wisdom be a Guiding Light in a world often driven by hype and quick gains the value of patience understanding and commitment to your principles is perhaps the true gold in the realm of investing thank you see you next time
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