Very interesting to note how a top value investor differs from VCs. When Buffet goes all-in for future of American economy, he goes for a company/industry which has been around for a century or more with stable cash flows. In effect though, future of American economy wont matter much to him unless the economy goes into a severe long depression - which he is betting against. When VCs go all-in for future of something - they go for companies/industries with no history of profits. That is why they have to use crutches of hype and ipos using the hype. I think the hype machinery is working right now to create value - out of thin air - in clean/green energy tech. I am not questioning the utility of VC - just questioning its characterization as investment. I think it is just speculation. Calculated at best, done by the smartest people. But still speculation. Just like most of Wall Street.