Was Buffett Right?

Throughout the New Economy boom of the 1990s, superinvestor Warren E. Buffett was called a dinosaur and a has-been for refusing to buy tech stocks. Instead, he held big stakes in companies such as American Express (AXP ), Coca-Cola (KO ), and Gillette (G ). He even acquired a furniture chain in 1999 while everyone else was investing in dot-coms. But so far, Buffett has come out golden. Since the beginning of 1995, tech stocks are up 127%. By comparison, shares of Berkshire Hathaway Inc. (BRK.A ) --which serves as Buffett's investment vehicle and accounts for the bulk of his wealth--have risen 250%. No wonder investors revere the Oracle of Omaha.

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