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Ripe Virginia tobaccos are first blended with Cypriot Latakia, fine Orientals, and a touch of Dark-Fired Kentucky leaf, then infused with a hint of dark rum before being gently pressed, matured, and sliced

The sellers wanted $30 million for the business (after accounting for $10 million of cash on the companys balance sheet), and Munger thought that was a reasonable price given its competitive position: Sees has a name that nobody can get near in California Its impossible to compete with that brand without spending all kinds of money . But despite Mungers enthusiasm, Buffett concluded that he wasnt willing to pay a penny more than $25 million for the business, a price that implied a low double digit multiple of Sees after-tax earnings (three times net tangible assets made me gulp)

Our initial estimate for the collection is high six figures, he said

Only if you believe the companies can weather the tax hike and maintain demand

By September, Inyo County deputies investigating the arson and tracking stolen vehicles moving through Goler Wash, advised Crockett and Poston to leave the area for their own safety not yet aware that the group they were monitoring was connected to the murders that had shocked Los Angeles weeks earlier