Warren Buffett has long cautioned investors against getting swept up in the excitement of trendy industries. At Berkshire Hathaway’s 1999 annual meeting, he reminded shareholders that the value of money doesn’t depend on its source.
“A dollar earned from a horseshoe company is the same as a dollar earned from an internet company,” Buffett said. “It is not worth more, based on whether it comes from somebody named dot-com or the Old-Fashioned Horseshoe Company. The dollars are equal.”
His message: profits are profits, regardless of industry. Investors should focus on business fundamentals rather than chasing sectors simply because they are fashionable.
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© 2026 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.