Warren Buffet's Acquisition criteria

This is from the BERKSHIRE HATHAWAY INC.2008 annual report:

We are eager to hear from principals or their representatives about businesses that meet all of the following criteria:

1. Large purchases (at least $75 million of pre-tax earnings, unless the business will fit into one of our existing units),
2. Demonstrated consistent earning power (future projections are of no interest to us, nor are “turnaround” situations),
3. Businesses earning good returns on equity while employing little or no debt,
4. Management in place (we can’t supply it),
5. Simple businesses (if there’s lots of technology, we won’t understand it),
6. An offering price (we don’t want to waste by talking, even preliminarily, about a transaction when price is unknown).

The larger the company, the greater will be our interest: We would like to make an acquisition in the $5-20 billion range.
We are not interested, however, in receiving suggestions about purchases we might make in the general stock market.
We will not engage in unfriendly takeovers.
We can promise complete confidentiality and a very fast answer—customarily within five minutes as to whether we’re interested. We prefer to buy for cash, but will consider issuing stock when we receive as much in intrinsic business value as we give.
We don’t participate in auctions.

comment: a good guide if you had a lot of cash!