> However, to paraphrase something I read from a sailor, "every regulation in the Navy is written in the blood of your predecessors". If you do 10 deals, one mi

> However, to paraphrase something I read from a sailor, "every regulation in the Navy is written in the blood of your predecessors". If you do 10 deals, one might wipe out any upside from the other 9, even if you got more upside by negotiating a better valuation, and having a faster turnaround and lower cost of doing business. And of course, if a buyer got the reputation of not doing due diligence, it would attract all the problematic companies. I think you're right here, and the reason Berkshire Hathaway can get away with this type of strategy at this point is because it's large enough and diversified enough that it can assume that risk. A tiny company, I would think, would be in much less a position to do so.