Warren Buffett shares some stories on how to quickly identify a good business:

"A couple of fast tests about how good a business is.

The first question is:

You’re looking at a marvelous business when you look in the mirror and say:

'Mirror, mirror on the wall, how much should I charge for Coke this fall?' And the mirror replies, 'More.'

That’s a great business.

When you say, like we used to in the textile business, when you get down on your knees, call in all the priests, rabbis, and everyone else, and say:

'Just another half-cent a yard.'

Then you get up and they say:

'We won’t pay it.'

It’s just night and day.

You walk into a drugstore and say:

'I’d like a Hershey bar.'

The man says 'I don’t have any Hershey bars, but I’ve got this unmarked chocolate bar, and it’s a nickel cheaper than a Hershey bar'...

You just go across the street and buy a Hershey bar.

That is a good business.