Josh Brown

But it's funny because this morning, as we're getting ready for the show, I missed this last night because I was out, but Berkshire bought $10 billion worth of Google in a private placement.

And

Google hasn't issued common stock since 2005.

And Berkshire, obviously historically not really a tech investor, not really, not, Warren Buffett is not a tech investor, I understand he's retired.

It was just like a holy shit type of a moment.

There was so much going on in the market.

It's like overwhelming.

So Ben Thompson at Stratechery wrote about it this morning.

And in 2017,

In 2017, here's what Warren Buffett, obviously one of the greatest investors of all time, said about Google.

And this is a thousand points ago, percentage points ago, maybe more.

He said, we were their customer very early on with Geico.

And we saw these figures.

These figures are way out of date.

But as I remember, we were paying them $10 or $11 a click or something like that.

And anytime you're paying somebody 10 or 11 bucks, every time somebody just punches a little thing where you got no cost at all, you know that's a good business, unless somebody's going to take it away from you.

And so we were close up seeing the impact of that, but you know, you've almost never seen a business like it.

So Warren Buffett in 2017, he had no pattern matching ability to identify that this was not going to be disrupted, that this was a sustainable business.

Obviously he understood the economics and the margins, but they made no sense to him because he had never seen anything like that.

I love that.