a massive surge of excitement ensues, during which water flows uphill, capital flows toward the most unlikely things and the future seems so close you can touch it buffett hates this stuff bc it involves guessing about the future that first surge, the so-called innovation burn, slams you like the G-force on a plane’s takeoff, right in the gut. buckle up!

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it’s a fundamental change in the nature of the people that run the industry: it goes from INNOVATORS to OPERATORS risk tolerance goes way down because the technology already WORKS but it needs people who can operate it profitably