I think the multiples of technology stocks should be quite a bit lower than the multiples of stocks like Coke and Gillette, because we are subject to complete changes in the rules. I know very well that in the next ten years, if Microsoft is still a leader, we will have had to weather at least three crises.

Bill Gates, in a joint-interview with Warren Buffett, in the summer of 1998 ā€” before the Bubble burst, of course.

The whole interview is pure gold.

[via @ElliotTurn]

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