Buffett made a joke on “clicks-and-bricks”. This phrase was popular back then? And this is just like O2O in the 2010s in China I guess.
Berkshire would “never issue a policy that lacked a cap”.
No fear of near-term result decline – declines “spur sellers and temper the enthusiasm of purchasers who might otherwise compete”.
Market condition changed – junk bonds market dried up, making fewer LBOs.
When an owner cares about whom he sells to, the business usually associates with better qualities.
“Market commentators and investment managers who glibly refer to “growth” and “value” styles as contrasting approaches to investment are displaying their ignorance, not their sophistication.”
What’s good for next q earnings may not be economic operating maneuvers.