Warren Buffett：Berkshire 2015 Letter, Excerpt 2

Over time, this asymmetrical accounting treatment (with which we agree) necessarily widens the gap between intrinsic value and book value. Today, the large – and growing – unrecorded gains at our “winners” make it clear that Berkshire’s intrinsic value far exceeds its book value. That’s why we would be delighted to repurchase our shares should they sell as low as 120% of book value. At that level, purchases would instantly and meaningfully increase per-share intrinsic value for Berkshire’s continuing shareholders.

Source： https://www.berkshirehathaway.com/letters/2015ltr.pdf
Locator：2015 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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