The sellers wanted $30 million for the business (after accounting for $10 million of cash on the companys balance sheet), and Munger thought that was a reasonable price given its competitive position: Sees has a name that nobody can get near in California Its impossible to compete with that brand without spending all kinds of money . But despite Mungers enthusiasm, Buffett concluded that he wasnt willing to pay a penny more than $25 million for the business, a price that implied a low double digit multiple of Sees after-tax earnings (three times net tangible assets made me gulp)
Bonsacks machine perfectly rolled 200 cigarettes per minute an unprecedented rate of production for a job which previously depended on countless man-hours of tedious labor
It is full-bodied, so smoke it later in the evening or later in your lineup
Now, scientists at the National Institute of Standards and Technology (NIST) are finding these deadly predators inspiring, too, as they seek new ways to cure old medical problems using the poisonous snails as models
However, for each packet seized, it is estimated that another 10-15 more could have been smuggled
