Warren Buffett：Berkshire 2004 Letter, Excerpt 1

It’s per-share intrinsic value that counts, however, not book value. Here, the news is good: Between 1964 and 2004, Berkshire morphed from a struggling northern textile business whose intrinsic value was less than book into a diversified enterprise worth far more than book. Our 40-year gain in intrinsic value has therefore somewhat exceeded our 21.9% gain in book. (For an explanation of intrinsic value and the economic principles that guide Charlie Munger, my partner and Berkshire’s vice-chairman, and me in running Berkshire, please read our Owner’s Manual, beginning on page 73.)

Source： https://www.berkshirehathaway.com/letters/2004ltr.pdf
Locator：2004 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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