We were sitting in the audience at the Berkshire Hathaway shareholder meeting in 2006 when Warren Buffett talked about his inevitable shift in deciding to buy solid companies at 90% of X (X being the company’s intrinsic or true value) as opposed to 50% or 60% of X in the past. This shift is largely a function of size as managing enormous amounts of capital usually means paying higher prices and sacrificing some margin of safety in order to “put money to work”. Buffett has in recent years bought shares of companies such as Wal-Mart, Johnson & Johnson, Procter & Gamble, Tesco, and UPS at what we feel is 90% of X.