1994: Has Buffett analyzed Wrigley and if so why didn't he invest?

AUDIENCE MEMBER: My name is David Samra. I’m from San Francisco, California.

In your annual report, I noticed you mention Wrigley as being a company that has worldwide dominance, somewhat like Coca-Cola and Gillette. And, was curious to know if you had looked at the company in any detail. And, if so, whether or not — if you decided not to invest, what were the reasons why?

WARREN BUFFETT: Well, we wouldn’t want to comment on a company like that because we might or might not be buying it. We might or might not be selling it. We might or might not buy or sell it in the future. (Laughter)

And, since it falls under that narrow definition of things that we don’t talk about —

It’s a good illustration of a company that has a high market share worldwide, but you can understand the Wrigley Company just as well as I can. I have no insights in the — into the Wrigley Company that you wouldn’t have and I don’t — I wouldn’t want to go beyond that in giving you our evaluation of the company.

I hate to disappoint you on those, but on specific securities, we are not too forthcoming sometimes.

Charlie?

CHARLIE MUNGER: I’m good at not being forthcoming. (Laughter)