As you might imagine, this self-confidence often proves unwarranted. Warren Buffett said, “In the past, I’ve observed that many acquisition-hungry managers were apparently mesmerized by their childhood reading of the story about the frog-kissing princess. Remembering her success, they pay dearly for the right to kiss corporate toads, expecting wondrous transfigurations.” Unfortunately, said Buffett, “We’ve observed many kisses but very few miracles.
