In a recently released interview with the Financial Crisis Inquiry Commission, Warren Buffett offered an interesting look into what he looks for in his investments.

“The single most important decision in evaluating a business is pricing power,” Buffett said, according to Bloomberg. “If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business. And if you have to have a prayer session before raising the price by 10 percent, then you’ve got a terrible business.”

“The extraordinary business does not require good management,” Buffett added, saying that he actually “knew nothing” about the management of Moody’s, which was one of Berkshire Hathaway’s big holdings. “If you own the only newspaper in town, up until the last five years or so, you had pricing power and you didn’t have to go to the office.”