Warren Buffett's 2018 Letter

The 2018 letter is another turning point because Warren Buffett decided to shift from a per-share book value to a share price. So if you could explain a bit the difference and why was that a better measurement of business performance? Yeah. It's a turning point. And he has always been very ruthless about the market participants that change the yardstick. He hates when there are changing bank smart in investments as, you know, he says people are doing tricks. But it was quite remarkable to see him finally giving in in what was a measure that was not representative anymore of the value of Berkshire.