In his annual letter to Berkshire Hathaway shareholders released this morning, Warren Buffett says more "major" acquisitions are needed to maintain growth in the company's non-insurance businesses at a "decent rate."
Buffett writes: "We will need both good performance from our current businesses and more major acquisitions. We're prepared. Our elephant gun has been reloaded, and my trigger finger is itchy."
At the end of 2010, Berkshire had a lot of ammunition for that elephant gun: $38 billion in cash.
could it be.... Lilly? Welcome Warren. Bye, John.