Warren Buffett：Berkshire 1993 Letter, Excerpt 4

Of course, it's per-share intrinsic value, not book value, that counts. Book value is an accounting term that measures the capital, including retained earnings, that has been put into a business. Intrinsic value is a present-value estimate of the cash that can be taken out of a business during its remaining life. At most companies, the two values are unrelated. Berkshire, however, is an exception: Our book value, though significantly below our intrinsic value, serves as a useful device for tracking that key figure. In 1993, each measure grew by roughly 14%, advances that I would call satisfactory but unexciting.

Source： https://www.berkshirehathaway.com/letters/1993.html
Locator：1993 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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