There’s been lots of talk in recent weeks that the beauty business is in a bit of a bind. Industry observers say the innovation pipeline has run dry and pundits wonder where the next big beauty breakthrough will occur. Not everyone agrees, of course; including The Oracle of Omaha, Warren Buffett, who has made billions of dollars by investing on businesses based on not where they’ve been, but where they’re going. Last month, Buffett’s Berkshire Hathaway conglomerate purchased 690,000 Ulta B...