Berkshire has a policy started in 1965, when I became involved, to acquire terrific companies run by terrific people. And then I don't have to do anything. But it's worked. We don't ever sell companies. A lot of private equity firms, they talk about buying something with an exit strategy. Well, we have an entrance strategy, but we have no exit strategy. The idea is to build and build and build, whether it's GEICO, whether it's Dairy Queen, whether it's, you name the company. We have 76 of them now. We trust our managers. They've earned that trust. They've delivered over the years, and we let them run their businesses. I take no credit for any of their successes, and I take no blame for any of their failures.
- Warren Buffett
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