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Does Warren Buffett ever change his investing standards?

Did we change our standards? You know, I don’t think so, but you can’t be 100% sure. If you haven’t had a date for a month, you might say you wouldn’t have dated that girl on the first day – but I think we would have.

It does not reflect our giving up on finding an elephant of a business to acquire. We have plenty of cash and could sell stocks if we really needed to. We’re well prepared to acquire a very large business.

We acquired TTI in the first quarter, which is a terrific business. We wish it were five times bigger, but maybe some day it will be.

Munger: The one thing I think we can promise you is that we won’t make the kinds of returns buying the things we are now that we earned on the stuff we bought 10-15 years ago. There’s just too much money floating around.

We won’t come close.

Munger: It’s a different world with more modest expectations.

We hope you share them.

Source: Berkshire Hathaway Annual Meeting
Time: 2007

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