Buffett's asleep at the disruptive wheel

The latest annual general meeting for Berkshire Hathaway had Warren Buffett and Charlie Munger in fine form, but they greatly misunderstand disruptive technology. This is illustrated by the news that the combined valuation of the four largest techs is greater than the valuation of the S&P 500 in 2002.

To be fair, it was quite amusing — Warren Buffett and his trusted right-hand man/vice chair Charlie Munger put on quite the double act.  Munger is 97, and Buffett pointed out that he is ageing slowly. In percentage terms, in three years, Munger will be ageing at just one per cent a year. Some fund managers are ageing at half that rate.  Yes, that is funny.