Baseball legend Ted Williams said a pitch down the middle of the plate was his sweet spot. Warren Buffett says it's a bit more complicated in investing.
So, here's a simplified version of Berkshire's sweet spot:
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--A business that Mr. Buffett decides will have a competitive advantage over the next five to 10 years.
--There is a trusted manager that fits Berkshire's culture and wants to be a part of their culture.
--Then, it's just a matter of price.
And price can just be luck sometimes, with the investing giants going into details of their purchase of See's Candies.
"We've gotten a lot of credit for being smarter than we were," said Charlie Munger.
Click here to see the full live coverage of Warren Buffett at Berkshire Hathaway's annual meeting:
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(END) Dow Jones Newswires
May 06, 2017 11:20 ET (15:20 GMT)