Warren Buffett：Berkshire 1987 Letter, Excerpt 1

What counts, of course, is the rate of gain in per-share business value, not book value. In many cases, a corporation's book value and business value are almost totally unrelated. For example, just before they went bankrupt, LTV and Baldwin-United published yearend audits showing their book values to be $652 million and $397 million, respectively. Conversely, Belridge Oil was sold to Shell in 1979 for $3.6 billion although its book value was only $177 million.

Source： https://www.berkshirehathaway.com/letters/1987.html
Locator：1987 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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