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Buffett FAQ

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The best buys have been when the numbers almost tell you not to. Because then you feel so strongly about the product. And not just the fact you are getting a used cigar butt cheap. Then it is compelling. I owned a windmill company at one time. Windmills are cigar butts, believe me. I bought it very cheap, I bought it at a third of working capital. And we made money out of it, but there is no repetitive money to be made on it. There is a one-time profit in something like that. And it is just not the thing to be doing. I went through that phase. I bought streetcar companies and all kinds of things. In terms of the qualitative, I probably understand the qualitative the moment I get the phone call. Almost every business we have bought has taken five or ten minutes in terms of analysis. We bought two businesses this year. General Re is a $18 billion deal. I have never been to their home office. I hope it is there. (Laughter) “There could be a few guys there saying what numbers should we sen

Buffett FAQ BUFFETT FAQ A compendium of questions & answers with Warren Buffett. **NEW!** What are we missing? Submit a Q&A to add to the FAQ! Please click here to add a Q&A! Sections Investing Approach Valuation How to Think About Businesses Alternatives to Common Stock Accounting, Corporate Finance & Investing Foreign Investments The Investment Industry Industries Specific Businesses Berkshire The Market Management Technology Education Personal Advice The Big Picture Thanks and Credits Investing Approach Have you ever bought a company where the numbers told you not to? How much is quantitati

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