“Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life. The calculation of intrinsic value, though, is not so simple. As our definition suggests, intrinsic value is an estimate rather than a precise figure, and it is additionally an estimate that must be changed if interest rates move or forecasts of future cash flows are revised.”

— Warren Buffett

Berkshire Hathaway Inc.: An Owner's Manual http://www.berkshirehathaway.com/owners.html (1999) <br class="br">Letters to Shareholders (1957 - 2012)

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American business magnate, investor, and philanthropist 1930

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