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companies that had grown rich and

powerful almost overnight, and the

venture capitalists who had fed them

cash. These people were riding high.

When the celebrity photographer Annie

Leibovitz showed up to shoot “the

Media All-Star Team” for Vanity Fair,

some of them lobbied to get in the

photo. They were the future, they

believed.

Buffett was decidedly not a part of

this group. He was an old-school investor

who didn’t get caught up in

speculative frenzy around companies

with unclear earnings prospects. Some

dismissed him as a relic of the past. But

Buffett was still powerful enough to

give the keynote address on the final

day of the conference.

He thought long and hard about that

speech and spent weeks preparing for

it. After warming up the crowd with a

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