‘Buffett needs to listen to Buffett again’: Investor was wrong to recommend tech-heavy S&P 500, Berkshire Hathaway shareholder says

Warren Buffett recommended the S&P 500 several times at Berkshire Hathaway’s shareholder meeting this month. The famed investor effectively advised investors to back the “big tech” companies that make up a large chunk of the index, Tony Scherrer of Smead Capital Management said in a blog post. However, Buffett warned against “gruesome” businesses that grow quickly, require lots of capital, and generate minimal profits in his 2007 shareholder letter. “It looks to us like Buffett needs to listen to Buffett again,” Scherrer said. “He is forgetting what gruesome looks like by fawning on the Index and some ‘obvious’