Warren Buffett's 2010 Shareholder Letter: What to Expect
Harvard Business Review
FEBRUARY 24, 2011
But why compare apples (book value) to oranges (share price and dividends)? Buffett explains that book value is the best proxy for "intrinsic value," the net present value of all estimated future cash flows. Consider that since 1965, Berkshire's book value grew 434,057% and the S&P index grew only 5,430%.
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