Warren Buffett's wisdom
On what he looks for when hiring: passion, intelligence, energy and integrity.
On selling: ``At Berkshire, when I purchase a company, I intend it to be for life. We have decided that we will only sell a business under two conditions: 1) if they're going to lose money forever and 2) if there are labor problems.''
On what he looks for when evaluating a company as a possible investment: ``I'm looking for something that I understand . . . I want to have a good understanding of what the economics of the industry will be 10 years down the road, and of who will be making the money at that point. I'm also looking for enduring competitive advantages.''