Can't help quoting a little more to give an insight into Buffett's character:
> Though 1979
was moderately profitable, the business thereafter consumed major
amounts of cash. By mid-1985 it became clear, even to me, that
this condition was almost sure to continue. Could we have found
a buyer who would continue operations, I would have certainly
preferred to sell the business rather than liquidate it, even if
that meant somewhat lower proceeds for us. But the economics
that were finally obvious to me were also obvious to others, and
interest was nil.
> I won’t close down businesses of sub-normal profitability
merely to add a fraction of a point to our corporate rate of
return. However, I also feel it inappropriate for even an
exceptionally profitable company to fund an operation once it
appears to have unending losses in prospect. Adam Smith would
disagree with my first proposition, and Karl Marx would disagree
with my second; the middle ground is the only position that
leaves me comfortable.
> Though 1979 was moderately profitable, the business thereafter consumed major amounts of cash. By mid-1985 it became clear, even to me, that this condition was almost sure to continue. Could we have found a buyer who would continue operations, I would have certainly preferred to sell the business rather than liquidate it, even if that meant somewhat lower proceeds for us. But the economics that were finally obvious to me were also obvious to others, and interest was nil.
> I won’t close down businesses of sub-normal profitability merely to add a fraction of a point to our corporate rate of return. However, I also feel it inappropriate for even an exceptionally profitable company to fund an operation once it appears to have unending losses in prospect. Adam Smith would disagree with my first proposition, and Karl Marx would disagree with my second; the middle ground is the only position that leaves me comfortable.