I couldn't agree more with point #2. But the examples you use are horrendous. It's not only that it's a who's who of crappy, opportunistic internet business models, but that most of the ones you mentioned have already jumped the shark long ago (namely, domaining, ad arbitrage, SEO sites, toolbars). I have direct experience in all 4 of those areas (I know, it's a scary thought to me too). Believe me, they are really not areas that bright people should be getting into right now, even if for the purely tactical purpose of making money.

I couldn't agree more with point #2. But the examples you use are horrendous. It's not only that it's a who's who of crappy, opportunistic internet business models, but that most of the ones you mentioned have already jumped the shark long ago (namely, domaining, ad arbitrage, SEO sites, toolbars). I have direct experience in all 4 of those areas (I know, it's a scary thought to me too). Believe me, they are really not areas that bright people should be getting into right now, even if for the purely tactical purpose of making money.

Perhaps running a successful startup doesn't have to be about luck.

It is the core design philosophy of many startups that causes a seemingly luck-based situation. What are they doing wrong? Instead of looking for a customer market, finding what their problem is, and only then making a solution to that problem, many startups today simply look at what is “white hot” or what will be “white hot” in the future, and then design a technology solution based on that.

I feel that the technology community has a very expensive and nasty feedback loop within itself, where new technologists come up with their ideas and solutions after being heavily influenced by the power bloggers and the people who say what is “white hot” in the technology industry.

Getting opinions from people outside of this technology feedback loop is extremely important for becoming a successful startup.

On the internet of today, websites and applications must work towards simplifying everything. They need to drill through all of the extra stuff and present ONLY the most critical information.

This is due to the fact that we are bombarded with information on the internet every day. Noone will see our message or product, unless it states it's value very simply.

From what I gather from this book and various sources, he's created Berkshire through investing in good, honest businesses. I also admire the way he has conducted himself as a person with dignity and honesty. I understand now why whenever he speaks, sensible people listen.