Warren is a very good judge of people and he's a very good judge of businesses.
Use book value as a starting point to try and establish the value of the enterprise.
Each year we buy stocks and they go up, we sell them and then we try to buy something cheaper.
Try to establish the value of a company.
If there are not too many value stocks that I can find, the market isn't all that cheap.
This is a business. Like any other business.