“Fechheimer is exactly the sort of business we like to buy. Its economic record is superb. . . . You may be amused to know that neither Charlie nor I have been to Cincinnati, headquarters for Fechheimer, to see their operation. . . . If our success were to depend upon insights we developed through plant inspections, Berkshire would be in big trouble. Rather, in considering an acquisition, we attempt to evaluate the economic characteristics of the business—its competitive strengths and weaknesses—and the quality of people we will be joining. Warren Buffett, annual letter to shareholders, 1985”