Buffett Says Buyout Funds ‘Don’t Love the Business’

Warren Buffett, Berkshire Hathaway Inc.’s billionaire chairman, said he avoids acquiring companies from leveraged-buyout firms because they focus on “exit strategy.”

“We have an entrance strategy,” he said in pre-recorded remarks broadcast yesterday at a San Francisco conference for the International Corporate Governance Network, a London-based nonprofit whose members include institutional investors. Buyout firms “don’t love the business,” he said.