Berkshire 2018 Annual Meeting

[Graham Osborn]

But he didn't "miss" Microsoft - it's always been "off limits" since 1991.

 

No, before they were on boards together there would have been no issue.  In fact, Buffett bought a tracking position after he met Gates.  He just never loaded up.  He saw the economics, but he was anti-tech at that point.  One should have a circle of competence defined by economics rather than by industry.  As far as the industrial circle of competence goes, you gotta learn - or you'll miss things.

[Mephistopheles]

My suspicion is that Buffett has no real objection to buying Microsoft, as his ambitious and opportunistic self would never avoid a great investment. Instead, I bet that he either doesn't understand or doesn't think there is a durable competitive advantage in MSFT, but feels awkward admitting this because of his relationship with Gates.