In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.
A bull market is like sex. It feels best just before it ends.
I think confidence will come back.
Cash combined with courage in a time of crisis is priceless.
Do not take yearly results too seriously. Instead, focus on four or five-year averages.
I certainly have no desire to sell a good controlled business run by people I like and admire, merely to obtain a fancy price. However, specific conditions may cause the sale of one operating unit at some point.