Warren Buffett：Berkshire 1989 Letter, Excerpt 2

Back when Berkshire's book value was $19.46, intrinsic value was somewhat less because the book value was entirely tied up in a textile business not worth the figure at which it was carried. Now most of our businesses are worth far more than their carrying values. This agreeable evolution from a discount to a premium means that Berkshire's intrinsic business value has compounded at a rate that somewhat exceeds our 23.8% annual growth in book value.

Source： https://www.berkshirehathaway.com/letters/1989.html
Locator：1989 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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