There were successful investors who invested in the two sets of internet companies: those that failed and those that succeeded. That is an objectively verifiable fact.
The dragon symbolizes danger or uncertainty only, not a specific company in my usage. But danger does not always materialize and uncertainty gets resolved e.g. Amazon. Even today, while Amazon thrives E-bay flounders.
When risk is not well understood, it leads to diversification. Today, many years later, the most successful venture capitalists still invest in duds, companies whose potential do not pan out in the final analyses.
I am not castigating Warren Buffet and I understand his philosophy. I am saying his wisdom is not the only wisdom in the market. Just because the alternative wisdom translates into only US$ 500 million — more than needed for 10 lifetimes — should not invite denigration. Money — how much of it you have over and above what is sufficient — is not the only metric for success in life.
Sophisticated investors lost some money at the timing of the dot.com bust but eventually made up losses from dot.coms that survived and thrived. It is investors willing to invest in what they do not yet fully understand who for the most part make possible technologies or innovations that enhance quality of life or productivity.