Search+Intelligent InvestingSynopsisHow does the world’s most careful investor buy a company with no due diligence at all? One of Warren Buffett’s acquisitions began with an autobiography handed to him as a thank-you gift. Another, a business with billions in sales, was agreed in a single meeting and closed on a handshake. In a letter to his shareholders, he explained why that was not recklessness. And why trust, the one asset markets never learn to price, decides who gets the best deals and who ends up holding the worst loans.Every big deal on Wall Street follows the same ritual. Armies of lawyers and accountants descend on the target. Data rooms are opened, every contract is read, every claim is verified, and the cheque is signed only after months of professional suspicion. The ritual exists because, in business, nobody trusts anybody. And everyone pays for this lack of trust – in terms of fees, in terms of time, and in deals that die on the table.Warren Buffett ETMarkets.com 30 mins readJul 09, 2026, 09:22:00 PM ISTGift this Story to your friendsFONT SIZEAbcSmallAbcMediumAbcLargeSAVEPRINTCOMMENTContinue reading with one of these options:Limited AccessFreeLogin to get access to some exclusive stories & personalised newslettersLogin NowUnlimited AccessStarting @ Rs120/monthGet access to exclusive stories, expert opinions & in-depth stock reportsSubscribe NowETUh-oh! This is an exclusive story available for selected readers only.Worry not. You’re just a step away.What’s Included withETPrime Membership