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Warren Buffett is always looking for elephants, as he calls great acquisitions. But three years have passed since he's bought a new one.
One of the reasons: The billionaire of Omaha, Nebraska, faces unprecedented competition from private equity firms and other funds seeking quick acquisitions, often from prices higher than those Mr. Buffett is willing to pay. Its last major transaction, the $ 32 billion purchase of aerospace manufacturer Precision Castparts Corp., was finalized in January 2016.
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