Subject: Re: 140% “GDP Playing w/Fire”..50% higher?
^^The principle of not paying more than a stock is worth remains true today but eliminating tech companies from consideration is a mistake.^^

Tech investing is (almost) the new railroad investing. The network effects can be almost as strong. Sure, the tech moats are finite in durability, unlike railroad, however they also can expand earnings (draw more income from he same moat) at relatively low cost because of their non-physical nature.