On 09/08/2013 15:19:47,
Over the years, I take what Buffett says with a little tongue in check. Not that what he says is not fact, but not all the facts are present either. I am sure Buffett did not know the price of PetroChina but he surely knew that the industry was in the pits around 2002 with ample hunting grounds. In other words, he did not need a screen but to just look at the top 30 market cap stocks. This is of course 20/20 hindsight for you and me, but not for Mr. Buffett as he had seen that movie before. Maybe there is a sector out there now with similar attributes for ample hunting?
If you are under the age of 40, I would not abandon screens in total.