Warren Buffett：Berkshire 2013 Letter, Excerpt 2

As I’ve long told you, Berkshire’s intrinsic value far exceeds its book value. Moreover, the difference has widened considerably in recent years. That’s why our 2012 decision to authorize the repurchase of shares at 120% of book value made sense. Purchases at that level benefit continuing shareholders because per-share intrinsic value exceeds that percentage of book value by a meaningful amount. We did not purchase shares during 2013, however, because the stock price did not descend to the 120% level. If it does, we will be aggressive.

Source： https://www.berkshirehathaway.com/letters/2013ltr.pdf
Locator：2013 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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