Warren Buffett：Berkshire 2016 Letter, Excerpt 3

We have no quarrel with the asymmetrical accounting that applies here. But, over time, it necessarily widens the gap between Berkshire’s intrinsic value and its book value. Today, the large – and growing – unrecorded gains at our winners produce an intrinsic value for Berkshire’s shares that far exceeds their book value. The overage is truly huge in our property/casualty insurance business and significant also in many other operations.

Source： https://www.berkshirehathaway.com/letters/2016ltr.pdf
Locator：2016 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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