Predicting the long-term economics of companies that operate in fast-changing industries is simply far beyond our perimeter. - Warren Buffett

Loss of focus is what most worries Charlie and me when we contemplate investing in businesses that in general look outstanding.

I always find it extraordinary that so many studies are made of price and volume behavior, the stuff of chartists. Can you imagine buying an entire business simply because the price of the business had been marked up substantially last week and the week before? Of course, the reason a lot of studies are made of these price and volume variables is that now, in the age of computers, there are almost endless data available about them. It isn’t necessarily because such studies have any utility; it’s simply that the data are there and academicians have worked hard to learn the mathematical skills needed to manipulate them. Once these skills are acquired, it seems sinful not to use them, even if the usage has no utility or negative utility. As a friend said, to a man with a hammer, everything looks like a nail.

In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.