Buffett's acquisition criteria for large purchases include businesses that earn at least $50 million annually, have consistent earnings, earn good returns with little debt, have existing management, operate simple businesses, and have an agreeable offering price. Buffett defines intrinsic value as the discounted value of cash that can be taken from a business over its life. He warns investors to beware of weak accounting, unintelligible footnotes, and exaggerated growth projections from management.