Berkshire Hathaway 1989 Letter to Shareholders

What counts, however, is intrinsic value - the figure indicating what all of our constituent businesses are rationally worth. With perfect foresight,…

Back when Berkshire's book value was $19.46, intrinsic value was somewhat less because the book value was entirely tied up in a textile business…

The rear-view mirror is one thing; the windshield is another. A large portion of our book value is represented by equity securities that, with…

We will keep most of our major holdings, regardless of how they are priced relative to intrinsic business value. This 'til- death-do-us-part attitude…