3/ "But I see them made in a very foolish way all the time, and many people believe in them, no matter how foolish they are. It’s an effective sales technique in America to put a foolish projection on a desk. And if you’re an investment banker, it’s an art form."
4/ "Once Warren and I bought a company and the seller had a big study done by an investment banker, it was about this thick. We just turned it over as if it were a diseased carcass. He said, “We paid $2 million for that.” I said, “We don’t use them. Never look at them.” C. Munger
5/ "In 1985 a major investment banking house undertook to sell Scott Fetzer, offering it widely but with no success. Upon reading of this strikeout, I wrote Scott Fetzer’s CEO, expressing an interest in buying the business. I had never met him, but within a week we had a deal."
6/ "Unfortunately the letter of engagement with the banking firm provided it a $2.5M fee upon sale, even
if it had nothing to do with finding a buyer. I guess the lead banker felt he should do something for his payment, so
he graciously offered us the book his firm prepared."
7/ "With his customary tact, Charlie responded to the investment banker the about the book that his firm had prepared on the business: 'I’ll pay $2.5 million not to read it.'” https://www.berkshirehathaway.com/letters/final1999pdf.pdf …
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