It's a tough thing to decide what business to buy or what business to buy into; but I don't want to buy into any business I am not terribly sure of. So if I am terribly sure of a business, it probably isn't going to offer incredible returns. Why should somethihg that is a essentially cinch (a sure thing) - to do well - offer you 40% a year or something like that. So we don't have huge returns in mind, but we do have in mind never losing anything.
I mean we bought See's Candy in 1972 for 25 million dollars - it was making $us 4 million a year pretax; we took no capital to speak of. When we worked towards buying that business, basically my partner Charlie Munger and I really decided whether there was a little untapped pricing power there. In other words, whether that $1.95 box of candy could just as easily sell for $2.00 or for $2 and a quarter.
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