Warren Buffett says

“Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.”

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“Warren talks about these discounted cash flows. I’ve never seen him do one.”

“We trade real estate for technology (which gets cheaper and more capable every year).”