Warren Buffett：Berkshire 1989 Letter, Excerpt 1

What counts, however, is intrinsic value - the figure indicating what all of our constituent businesses are rationally worth. With perfect foresight, this number can be calculated by taking all future cash flows of a business - in and out - and discounting them at prevailing interest rates. So valued, all businesses, from manufacturers of buggy whips to operators of cellular phones, become economic equals.

Source： https://www.berkshirehathaway.com/letters/1989.html
Locator：1989 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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