What Should Berkshire Hathaway Invest In?

Berkshire would like very much to buy businesses of the same quality, and it prices consistent with the eight businesses that we bought over the last 16 or 18 months. A few years ago, you said you had made a mistake by not buying shares of the major pharmaceutical companies around 1993. These exact same words can also be used to describe another industry which has recently been decimated. How do you see these two investment ideas, pharmaceuticals in 93 and technology now, and what difference in the two situations makes the first a good opportunity for Berkshire?