WARREN BUFFETT: We don't do due diligence — we just look into your eyes

WARREN BUFFETT: We don't do due diligence — we just look into your eyes 

Norman Brodeur                                        Norman J. Brodeur 

And so Buffett made an offer, they talked about it, and then they had a deal. At this point, Buffett said, he and Donegan had talked for about 25 minutes in total.

How does a deal like this come together so quickly? "We basically do no due diligence,"Buffett said. "Our due diligence is basically looking into their eyes."

Buffett said that ahead of making an offer for Precision, Berkshire had no financial figures beyond those that were publicly available. Buffett's main concern was whether Donegan thought he would retire at 65. (Donegan is 58.)