“Sept. 2010 was not that far removed from Nokia, Motorola, and Blackberry all having--and then losing (or, in the case of Blackberry, being in the process of losing)--dominant positions in the mobile phone market.”

Reminds me, I recall in 2006 I had several attorney friends who adored their BlackBerrys, but rumors were out that Apple (Jobs) was planning to release their own phone soon. So many consumers loved their iPods. So I invested an equal small position in RIMM (makers of BlackBerry) and AAPL, without doing a deep dive! Took a loss of 30% in RIMM, but we’ve fortunately held on to those early AAPL shares & added many more over the years as it has grown into our #2 position.

Buffett of course is playing a different game and trimmed 75% of BRK’s AAPL position. We’ve elected to hold on to the majority and trim ~20% of our AAPL position in recent years, but realize 36-40 multiple is lofty.