Warren Buffett：Berkshire 1997 Letter, Excerpt 2

Gains in book value are, of course, not the bottom line at Berkshire. What truly counts are gains in per-share intrinsic business value. Ordinarily, though, the two measures tend to move roughly in tandem, and in 1997 that was the case: Led by a blow-out performance at GEICO, Berkshire's intrinsic value (which far exceeds book value) grew at nearly the same pace as book value.

Source： https://www.berkshirehathaway.com/letters/1997.html
Locator：1997 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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