Warren Buffett：Berkshire 1997 Letter, Excerpt 3

For more explanation of the term, intrinsic value, you may wish to refer to our Owner's Manual, reprinted on pages 62 to 71. This manual sets forth our owner-related business principles, information that is important to all of Berkshire's shareholders.

Source： https://www.berkshirehathaway.com/letters/1997.html
Locator：1997 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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