One has to know more about a company if one buys earnings.
You have to be a little aware of the emotions of the people who have invested with you.
Look for companies that do not have a lot of debt.
We basically followed the idea of buying comapnies selling below working-capital - at two thirds of working-capital.
Our average holding period is four years.
By setting up Berkshire Hathaway, Warren has done everything very rationally.