Warren Buffett：Berkshire 1986 Letter, Excerpt 1

In past reports I have noted that book value at most companies differs widely from intrinsic business value - the number that really counts for owners. In our own case, however, book value has served for more than a decade as a reasonable if somewhat conservative proxy for business value. That is, our business value has moderately exceeded our book value, with the ratio between the two remaining fairly steady.

Source： https://www.berkshirehathaway.com/letters/1986.html
Locator：1986 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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