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.
Warren BuffettI checked the actuarial tables, and the lowest death rate is among six-year-olds. So I decided to eat like a six-year-old.
Warren BuffettOf one thing be certain: if a CEO is enthused about a particularly foolish acquisition, both his internal staff and his outside advisors will come up with whatever projections are needed to justify his stance. Only in fairy tales are emperors told that they are naked.
Warren BuffettThere are three important principles to Graham's approach. [The first is to look at stocks as fractional shares of a business, which] gives you an entirely different view than most people who are in the market. [The second principle is the margin-of-safety concept, which] gives you the competitive advantage. [The third is having a true investor's attitude toward the stock market, which] if you have that attitude, you start out ahead of 99 percent of all the people who are operating in the stock market - it's an enormous advantage.
Warren Buffett