+1. Warren and charlie also say that they would rather buy good businesses at fair price than fair businesses (or cash strapped ones or ones about to go bankrupt. I know thats not what fair means) at good price.
I worked for a Berkshire subsidiary before jumping into tech. First hand, it is zero bullshit that they invest in good management teams and let them run the business. The best run company I’ve ever worked at is one of these - Berkshire got ‘em when they were out of cash and almost about to fold, and they are overwhelmingly successful today with a stable management team with mostly internal succession. Having also worked at some startups that HN absolutely loves, it’s not that different than soaking up VC cash - it’s still outside money, and you still need a great leadership team to get to profitability.