For nearly fifty years Warren Buffett refused to buy technology stocks. He had every advantage available to a major investor — research staff, capital, time horizon — and he still passed on Microsoft, Cisco, Amazon, and Google through their best decades, because none of those businesses fit inside what he calls his circle of competence. Then in 2016, when he was 86, Berkshire began buying Apple.

By 2018 it was the largest position in the portfolio. The reason wasn't a sudden conversion to tech investing — it was that he had finally come to understand Apple as a consumer brand with extraordinary repeat-purchase economics, the same way he understood Coca-Cola and See's Candies. The lesson of m9 starts here: choosing the right company is not about chasing what's hot.

It's about being honest with yourself about what you can actually evaluate.