Maybe I am just too cynical, but I don't see why anybody celebrated with
this weekend. Buffett seems to revel in his antitechnology stance and his acolytes seem equally as thrilled with his avoidance of tech.
in our cyber pages, seemed almost Luddite-like in its antitech stance. Not only did Buffett seem to grow testy when asked about his antagonism toward the tech sector, he actually compared much of technology investing to Ponzi schemes like chain letters.
The thing that Buffett continually gets wrong in his dismissal of technology is that most of these companies are simply great manufacturers, making products no more difficult to understand than the insides of a vacuum cleaner. Maybe I was deluding myself, but I thought that Buffett would continue to be as humble as he was in his most recent shareholder letter. No such luck. I can't imagine a less humble gathering.
Buffett has also grown inconsistent of late. He talks about how newspapers are going to get hit by the Net, but he hangs on to his publicly traded newspaper holdings. He admits to dumping
at what now looks like the bottom. He says that insurance will be a great business, but offers no empirical data that would lead us to believe it is bottoming.
, one of his largest holdings, has repeatedly missed estimates, and he doesn't even seem to care.
Look, I know that Buffett is a great man and a great long-term investor. But this weekend, he should have donned a hairsuit. He should have said why he was
to avoid technology. This is not just my Philadelphia upbringing (where I saw a packed
boo Mike Schmidt for striking out in his fourth time at bat after belting a pair of homeruns in a couple of earlier innings). The notion of humility seems to be banished from Omaha.
It's not a good sign for the future of
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at