Buffett on gold

There is a lot of talk about investing in gold at this time. Thus, a late '90s remark by Buffett re-sounds as true as ever:

"[Gold] It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."

Loss of Hard Core expertise in North America

LinkedIn Question:

Loss of Hard Core expertise in North America

It is becoming clear that North American Technology Graduates are moving to Marketing and sales Job or otherwise not interested in Technical assignments.

What does this mean for Business and Economy for North American Software Business.


1) I would have to say that the situation captured by your observation has to do with the reinforcing effect of the US' being #1--at least at a common perception level. Indeed, it's hard to change course, towards sustainability, while you can do no wrong.

2) It is not only that we are not doing as much science as we used to, but except for finance, entertainment, sports, and few other areas, what else do we do to the extent (of quantity and quality) we used to? Since not all professions are created equal, another reason for so being is what one may call social mobility fueled by professional change. Look around and chances are that smart kids go for law, medicine and finance. Not exactly the type of professions that reward double-e degrees.

3) How many talented physicists and electrical engineering graduates have been absorbed by Wall Street since the coming of, let's say, options and derivatives?

4) Electrical engineering is damn difficult to get into when primary education has been left wanting for so long.

5) Globalization will only accentuate what has already started (points 2, 3 and 4).

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