"We sort of know it when we see it," Buffett said during the the Berkshire Hathaway 2017 Annual Shareholders Meeting. "It would tend to be a business that for one reason or another we can look out five or 10 or 20 years, and decide that the competitive advantage that it had at the present would last over that period."
I don't quite understand "It would tend to be" and "look out" in this sentence. Can anybody explain them for me, please? http://idioms.thefreedictionary.com/look+out
Does it mean "we should be careful with that business in 5, 10, or 20 years for one reason or another"?