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Buffett and Net stocks: The party's over

 

     

      
    Buffett and Net stocks: The party's over

    In response to the April 29 article, "Buffett calls Internet investing a 'big trap'":

    Few would argue that Warren Buffet has been an enigmatic character throughout his life in the investment community. But his words spoken about the Internet are intriguing in their elegant simplicity and are totally accurate in their description of the Internet debacle.

    Ironically, a reasonably savvy 10-year-old may well have uttered them years earlier in a slightly different way: "Just because we can, doesn't mean we should."

    I'm sure there are others along with Buffet, myself and the 10-year-old who watched with slackened jaw as seemingly educated people from all walks of life lost their senses and began marching toward the sea. None of this required genius, only common sense.

    And where were the media?

    I seem to remember all facets of the media spreading the hype and leading the cheer with seldom a discouraging word. Yet I still wonder if many of your colleagues have sufficiently learned from the experience.

    The orgy of excess, stupidity and greed is over. Now the rest of us are forced to help clean up the mess as the party ends. And we aren't particularly happy about that.

    Dennis Jugan
    Johnstown, Pa.