Friday, December 24, 2010

Buffett on Acquisitions

"...managers need to know how to value a business to think sensibly about acquisitions. Since they don't, they rely on Wall Street, which of course recommends doing deals because they get paid X if the deal doesn't go through and 20X is the deal does." - Warren Buffett

Notes from the 2001 Berkshire Hathaway Shareholder Meeting