Warren Buffett apparently wants to be on the do not call list, the “private equity” do not call list, that is. He had nasty stuff to say about the industry — somewhat unsurprisingly, given that he competes with private equity firms to acquire companies — and he offered the following as his guiding private equity principle:
…Buffett said that when he gets an offer to buy
a business from a private-equity firm, he “puts the phone down faster
than Charlie [Munger].”
“They invariably auction the business and are looking
for strategic buyers,” Buffett said, adding that “a strategic buyer is
just someone who pays too much.