**I should make clear that this is not a series that’ll tell you how to invest, or what to look for. It is only designed to help improve your investing process by observing the processes of some of the world's greatest money managers.
Calculating a business's intrinsic value is a key principle of value investing. But the process of calculating intrinsic value is highly subjective, and many of the world’s greatest value investors all use different methods.
Warren Buffett provides one definition of intrinsic value in Berkshire’s Owner's Manual. He writes:
“Let's start with intrinsic value, 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...
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