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  • For society, the Internet is wonderful, but for capitalists, it will be a net negative. It will increase efficiency, but lots of things increase efficiency without increasing profits. It is way more likely to make American businesses less profitable than more profitable. This is perfectly obvious, but very little understood.

    Charlie Munger's comments on the impact of technology and the Internet at the 2000 Berkshire Hathaway Annual Meeting, www.fool.com. May 1, 2000.