Mungers investing style is normally not in fast moving fields but buying good companies at a discount that tend to be on the more boring side. Things like Coca Cola or geico were bought when the companies had short term issues that brought the stock down. They are easier to identify than fast moving fields. In 1999-2000 when there were very fast moving fields and tons of companies look at how many survived to today - a lot less than were around. This style looses out on potential 100 badgers for sure but the history of the investing style so far has evened out with the ups and downs of the market.