“Just because Charlie and I can clearly see dramatic growth ahead for an industry does not mean we can judge what its profit margins and returns on capital will be as a host of competitors battle for supremacy. At Berkshire we will stick with businesses whose profit picture for decades to come seems reasonably predictable. Even then, we will make plenty of mistakes.”

—  Warren Buffett

1994 Chairman's Letter http://www.berkshirehathaway.com/letters/1994.html
Letters to Shareholders (1957 - 2012)

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Warren Buffett 146
American business magnate, investor, and philanthropist 1930

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