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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)

Younger generations, particularly in Brazil and Argentina, are opting for snus as a cleaner and more discreet alternative to traditional smoking

23+ ft) for the first 13 hours

Cravings peak between the two- and four-week mark