Nitpick: there's one clearly false statement Buffet makes:
The second major category of investments involves assets that will never produce anything, [...] Tulips, of all things, briefly became a favorite of such buyers in the 17th century.
Tulips actually produce something - more tulips. It's actually quite possible that the bulb of a rare and especially pretty tulip variety could be a sound investment for someone intending to grow tulips. And that's how the Dutch tulip mania started out (though it then did proceed to truly bizarre excesses).
The second major category of investments involves assets that will never produce anything, [...] Tulips, of all things, briefly became a favorite of such buyers in the 17th century.
Tulips actually produce something - more tulips. It's actually quite possible that the bulb of a rare and especially pretty tulip variety could be a sound investment for someone intending to grow tulips. And that's how the Dutch tulip mania started out (though it then did proceed to truly bizarre excesses).