Book values have some good and some bad features.
I was in Graham's office the day he bought GEICO. Warren owns one-third of the stock today.
If the market were way over priced, I wouldn't own any stocks.
Timidity prompted by past failures causes investors to miss the most important bull markets.
I have been around a long time and Wall Street has changed a lot.
I agree with Warren to keep it simple and not use higher mathematics in your analysis.