Never Invest In A Business You Can't

A Public-opinion Poll Is No Substitute For Thought.

Goldman Sachs Saying They Might Be Interested In Such An Investment. I'm Familiar With The Company. I've Known The Management, The Current Management, Jack Welch Before Jeff Immelt. I've Known Him For Decades.

Charlie And I Decided Long Ago That In An Investment Lifetime, It's Too Hard To Make Hundreds Of Smart Decisions. That Judgment Became Ever More Compelling As Berkshire's Capital Mushroomed And The Universe Of Investments That Could Significantly Affect Our Results Shrank Dramatically. Therefore, We Adopted A Strategy That Required Our Being Smart And Not Too Smart At That, Only A Very Few Times. Indeed, We Now Settle For One Good Idea A Year.

Never Count On Making A Good Sale. Have The Purchase Price Be So Attractive That Even A Mediocre Sale Gives Good Results.

The Rest Of The World Really Likes Our Stuff Pretty Well. It's Just We Buy So Damn Much Of What They Produce.