Berkshire Hathaway’s annual letter to shareholders is out.
In the letter, Warren Buffett touts the market system as something that is unparalleled in its ability to give the people what they want.
And what they don’t even know they want.
For example, he writes, he didn’t think that he’d need a personal computer back in his 50s.
Now, he can’t imagine life with the “search” function or without being able to play bridge online for 10 hours a week.
But one thing Buffett’s isn’t sure he’s ready for, however, is Tinder.
The good news, however, is that even members of the “losing” sides will almost certainly enjoy — as they should — far more goods and services in the future than they have in the past. The quality of their increase bounty will also dramatically improve. Nothing rivals the market system in producing what people want — nor, even more so, in delivering what people don’t yet know they want. My parents, when young, could not envision a television set, nor did I, in my 50s, think I needed a personal computer. Both products, once people saw what they could do, quickly revolutionised their lives. I know spend ten hours a week playing bridge online. And, as I write this letter, “search” is invaluable to me. (I’m not ready for Tinder, however).”
Neither were we, Warren.
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