Warren Buffett：Berkshire 1988 Letter, Excerpt 1

We’ve emphasized in past reports that what counts, however, is intrinsic business value - the figure, necessarily an estimate, indicating what all of our constituent businesses are worth. By our calculations, Berkshire’s intrinsic business value significantly exceeds its book value. Over the 24 years, business value has grown somewhat faster than book value; in 1988, however, book value grew the faster, by a bit.

Source： https://www.berkshirehathaway.com/letters/1988.html
Locator：1988 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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