Why Warren Buffett wouldn't invest in Apple or GoogleMay 6, 2012: 11:34 AM ET
The Oracle of Omaha has a second rule: Don't buy companies you don't understand
FORTUNE -- Some 18,300 people -- more than attended Barack Obama's massive campaign kickoff Saturday -- showed up for Berkshire Hathaway's (BRK-A) annual shareholder's meeting in Omaha yesterday. And judging from the New York Times' live blog, it was a lot of fun. There were cartoons and comedic skits and celebrity appearances, including Bono, Bill Gates and Debbie ("Buffett Rule") Bosanek, his now-famous secretary.
- "I would not be at all surprised to see them be worth a lot more money 10 years from now but I would not buy either one of them."
- "I sure as hell wouldn't short them either."
- "We couldn't predict what would happen to Apple 10 years ago and we can't predict what will happen to it 10 years from now."
- "The chances of being way wrong in IBM (IBM) are probably less, at least for us, than the chances of being way wrong in Google or Apple."
- "I just don't know how to value them."
(5) Simple businesses (if there's lots of technology, we won't understand it)