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