Some big investors staying away from tech

It's very interesting to see how the Internet is quickly evolving and changing at a rapid pace. Not long ago, Facebook came out with the open platform that's based on the proprietary Facebook Query Language (FQL) and Facebook Markup Language (FBML). As this was praised by some of the biggest names in the industry (no need for name calling) a short while later Google came out with Open Social, which provides a common set of APIs for social applications for many sites. Open Social does not rely on proprietary technology - but rather endorses the standards that are used on the web today - HTML, Javascript, etc. Open Social has managed to strategically place itself into a powerful position, by announcing partnerships with leading social sites such as MySpace, Friendster, hi5, Hyves, imeem, LinkedIn, Ning, orkut, Plaxo, Oracle, Salesforce.com, Six Apart, Tianji, Viadeo, and XING. And the interesting part is the big names in the industry quickly abandoned ship of the Facebook platform and are now endorsing the standards technology from Google. Then there is Oracle in this mix. Does Oracle have a social website? Interesting. What will Oracle do here strategically?

Then there are investors like Warren Buffet who stay away from technology investments. One of the reasons, as Warren explains, is he'd like to know where a company will be in 10 years. Is this possible with Internet companies? It's interesting to note, we don't see radical shifts like this in businesses like Coca-Cola. Your thoughts?