How It's Used

"Warren Buffet, one of the world's richest men, offered valuable advice on this score in a recent television interview. At one point, he was asked the question on all our minds: 'Should wise people have known better?' Of course, they should, Buffet replied, but there's a "natural progression" to how good new ideas go wrong. He called this progression the 'three 'I's'. First come the innovators, who see opportunities that others don't. Then come the imitators, who copy the innovators. And then come the idiots, whose avarice undoes the very innovations they are trying to use to get rich."

"Well, Warren Buffett has a great way of breaking down the cycle. He says there are three I's: the innovators, the imitators and the idiots."

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