Warren Buffett, 68
Chairman, Berkshire Hathaway Inc., and one of the most successful investors of the century.
don't think, in terms of investing itself, that technology will have any significant impact on investing. The simple principle of investing is laying out money today to get more money back in the future.
"The keys to that are predicting the stream of payments you are going to get in the future, and deciding at what interest rate to discount them back to a present value. That 50 years ago was the situation, and it will be the situation 50 years from now.
"The information is available faster now. I can ask Debbie (Bosanek, Mr. Buffett's assistant) to pull out a 10(K) or 10(Q) (form) and we can get it off the Internet in five minutes. Formerly, I might have had to write to companies to get reports. I might have had to reveal my interest to get the same reports.
"But we don't get better information about businesses than we got many, many years ago. There isn't that much important information to garner.
"If you are going to evaluate Coca-Cola or Gillette there is not much additional information you need that was not there 20 years ago or 30 years ago. There is no shortage of information. It's a question of what you do with it in evaluating it in terms of what cash it's going to give you in the future.
"If you buy a farm outside of town, or you buy an apartment house, or you buy a service station and you lay out X (dollars) today, the question is how much more than X do you get back in the future. That's all there is to investing, and that's what investment will be about 50 years from now.
"There will be all kinds of things happening surrounding that, which may entice people into speculating or gambling. There will be all kinds of other things going on, but in the end the investment results you get will depend on what the businesses produce over time in terms of cash between now and then, and what the interest rate is for discounting that back to a present value."