Subject: Re: Thought exercise
I remembered more than 15 years ago I was thinking how could I apply my engineering background to value investment in the high tech industry. I couldn't pull trigger on any of the now-obvious high flyers: Apple, Microsoft, Google, Facebook, etc. There are two mistakes made:

1. I could not be certain on how strong is the moat, and never be sure how long the growth would continue
2. I put too much focus on the current-valuation, those companies had never been cheap.