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Warren Buffett once said he didn’t invest in tech stocks because he didn’t understand them — he might have been right

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Apple dropped to as low as US$144.51 in extended trading, trimming the value of Warren Buffett’s stake by about US$3 billion.AP Photo/Nati Harnik, File

Warren Buffett has a questionable track record investing in technology companies. It’s only getting worse with Apple Inc., which had already lost more than US$350 billion in market value since October, diving Wednesday.

After famously avoiding tech stocks for decades, saying he didn’t understand them well enough, the billionaire’s Berkshire Hathaway Inc. stashed more than US$10 billion into International Business Machines Corp. starting in 2011. He completely exited the stake about a year ago, admitting his analysis had been flawed — a rare black mark in a career spent building one of world’s biggest piles of wealth.

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