At Berkshire Hathaway we do not like to compete against Chinese manufacturers.
We have the same problem as everyone else: It's very hard to predict the future.
You want to deliver to the world what you would buy if you were on the other end.
One could imagine a period like Japan13 years ago, however, in which indexing over time wouldn't work.
It's dangerous to short stocks.
Wall Street has too much wealth and political power.