Do you not know who Buffet is? He may be wrong, but he's far from an idiot when it comes to investing.
Yes I know who he is..
And He was born in 1930.
Ok - I am sorry he is not an idiot.
He just do not like IT technologies
(EDITED : perhaps he did like IBM:P)He invested in IBM because IBM was a service company with positive cash flow, hence, low risk. He sold IBM shares later, maybe he found out it was a high tech company.