As we look at the major acquisitions that others made during 1982, our reaction is not envy, but relief that we were non-participants. For in many of… - Warren Buffett

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As we look at the major acquisitions that others made during 1982, our reaction is not envy, but relief that we were non-participants. For in many of these acquisitions, managerial intellect wilted in competition with managerial adrenaline. The thrill of the chase blinded the pursuers to the consequences of the catch. Pascal’s observation seems apt: “It has struck me that all men’s