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"Book value is an accounting term that measures the capital, including retained earnings, that has been put into a business. Intrinsic value is a present-value estimatee of the cash that can be taken out of a business during its remaining life. The two values are unrelated." 1993
"The annual change in Berkshire’s book value is a metric that has lost the relevance it once had. Berkshire will be a significant repurchaser of its shares, transactions that will take place at prices above book value but below our estimate of intrinsic value." 2019
"The math of such purchases is simple: Each transaction makes per-share intrinsic value go up, while per-share book value goes down. That combination causes the book-value scorecard to become increasingly out of touch with economic reality." 2019 sc.cnbcfm.com/applications/c…
