Buying entire businesses. Buffett's criteria: good businesses (high ROE, durable moat), at fair prices rather than bargain prices, run by honest and competent managers. Avoids synergies, diversification-for-its-own-sake, and companies in distress.
| Year | Relevance |
|---|---|
| 1967 | first |
| 1967 | first |
| 1985 | key |
| 1996 | key |
| 2020 | key |
| 2025 | key |