Pass on what you can’t value
22xGoogle’s rise from its 2004 IPO to May 2017, when Buffett said ‘I blew it’
No valuation and no position for a business you can’t understand. Buffett watched GEICO pay Google $10 or $11 a click, and still passed
Why it matters
Money made outside what you understand is luck, and luck doesn’t repeat. Underrating an ending is a gap in understanding: the bet is lost fair and square.