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  "notes": "The text is a transcript of a letter from Jeff Raikes to Warren Buffett. It discusses the 'circle of competence' framework and the nature of technological moats.",
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      "text": "Since Microsoft is the business I understand (i.e. I have a narrow circle of competence!) and I subscribe to your views on investments, well over 90% of my net worth is tied up there.",
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      "text": "Microsoft building Microsoft Office... We were way behind in share most of that time (less than 10%), but the shift to graphical user interface was the paradigm shift that allowed us to displace the old leaders (Lotus 1-2-3 and WordPerfect) and now be at 90% share.",
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      "text": "I am very confident about our business for the next 5 to 10 years. But I will admit it is easier to be confident about Coke's business for the next 10 years. In short, I've long had this sneaking suspicion that it is not that you don't understand this business.",
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      "text": "Thanks. Jeff Raikes",
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