How to Calculate Integer Value

In terms of value, book value and market price is an all-important concept that offers the only logical approach to evaluating the relative attractiveness of investment businesses. The calculation of intrinsic value though is not so simple. As our definition suggests intrinsic value is an estimate rather than a precise figure as it must be changed if interest rates move or forecast the future cash flows are revised. Two people looking at the same set of facts moreover will almost inevitably come up with at least slightly different intrinsic value figures. We try therefore to keep our estimates conservative and to focus on industries where business surprises are unlikely to wreak havoc on owners. Even so we make many mistakes. A girl in a convertible is worth five in