Buffett's criticism reminds me of an interview with Gene Simmons I read a few years ago where he was mocking successful bands who are "famous on the Internet" rather than successful through the legacy channels (i.e. record deals, radio play, arena tours, etc.). Perhaps he felt it a personal slight, as if the very fact of these kids who are "famous on the Internet" somehow invalidates the worth of his own career.

Like Buffett, "the old way of doing things" has been very good to him. What Simmons neglected to mention, of course, was that the system that made him wealthy in fact chewed up and spat out his industry's equivalent of "the 99%", and that same system is/was wired to reward bland predictability (i.e. Justin Beiber, etc.) over innovation (i.e. any truly great artists consigned to near anonymity).

While legacy systems have their place and value, it is the disrupting innovators who will keep it accountable and, ultimately, force the old systems to either adapt to new realities or be replaced altogether. As for the likes of Simmons and Buffett, they are akin to senior citizens who have lived a full life but are too set in their ways to understand whatever newfangled things their grandkids are up to.