Warren Buffett says that there will always be investment opportunities – all you need to do is make money from the “stupid things” that others do.

The 92-year-old CEO of Berkshire Hathaway believes the investment strategy that made him rich isn’t going out of style — it’s just that people may have to look elsewhere today for companies at lower prices, he said. annual meeting of shareholders in Omaha, Nebraska, cited by Money.com

Asked by the audience about the impact of technological innovation on the market, Buffett said that this change does not necessarily reduce the investment opportunities that involve finding stocks or businesses at low prices.

“New things that appear do not take away opportunities. According to Buffett, good investment opportunities come from other people doing stupid things. “In the 58 years I’ve been running Berkshire, I can say I’ve seen a huge increase in people doing stupid things.”

Buffett is one of the most famous investors. His Berkshire Hathaway holding company owns businesses in industries such as railroads, energy and insurance, with major stakes in Apple, Bank of America and others.

On the other hand, the company’s vice chairman, 99-year-old Charlie Munger, appeared to be more pessimistic about the opportunities remaining for investors in 2023. Contrary to Buffett’s comments about stupid people doing stupid things, Munger said he sees a landscape where “there’s a lot of money in the hands of a lot of smart people trying to outdo each other.”

Munger noted that Berkshire Hathaway is making less than it used to. But, Buffett countered, that’s because of the size of the company today, which is much larger. He said it’s harder to be even more profitable when you’re operating at this scale and managing hundreds of billions of dollars.

“I wish I could be born again today with only a little money in my hands, but turn it into a lot of money,” Buffett said.