Continued on from part one......
Outside the Berkshire letters, the largest and most comprehensive guide from Buffett on the topic of intrinsic value can be found in the Berkshire’s Owners Manual.
[buffett]
“Now let’s focus on a term that I mentioned earlier and that you will encounter in future annual reports.”
First of all, a definition of intrinsic value:
“Intrinsic value is an all-important concept that offers the only logical approach to evaluating the relative attractiveness of investments and businesses. Intrinsic value can be defined simply: It is the discounted value of the cash...
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