During the 2011 Berkshire Hathaway Annual Meeting (Afternoon Q. 14), Warren Buffett answered a question about acquisitions and how he thinks about goodwill using the then-recently acquired Lubrizol Corp.
In short, you can and should ignore goodwill when evaluating the attractiveness of the underlying economics of a business, but you should also include it when evaluating the person or parent company that bought it.
Enjoy!
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#goodwill #investing #berkshirehathaway
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