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"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."

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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"?

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The it in it would tend to be is referring to the business or company Buffett is looking to invest in. The rest of the phrase is understood no different to how it usually would be; means the business/company is usually.

In this context, look out means to look to the future. Specifically, Buffett is saying that they (his company) can envision how this company will fare (against other companies or in the market) in the next 5/10/20 years and believe that it will have an advantage against other companies in that market (and thus be a good investment).

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