Warren Buffett's 6 Investment Criteria for Berkshire

From the Berkshire annual shareholders' letter, 2014:

Berkshire’s Six Investment Criteria

Berkshire makes a plea to hear directly from principals, as opposed to investment bankers, for new acquisitions. Berkshire mandates the following six criteria: 

1) $75mm of pre-tax earnings unless it is a bolt-on transaction; 

2) Demonstrated consistent earnings (no turnarounds or startups); 

3) A track record of a superior return on equity with little or no debt; 

4) Quality management; 

5) Simple businesses; and, 

6) A clear offering price (this needs to be stated upfront).

What is interesting to me is that nowhere in the criteria does it say what sort of products he is interested in. Could be anything! What is important to him is the business case. Period.

Another aspect of his acquisition strategy is that he prefers to pay Cash, not stock.  The value of cash depreciates over time, the value of his stock appreciates.