1996-Morning Session-BRK Annual Shareholders Meeting
Berkshire Hathaway Annual Shareholder Meetings (since 1994)
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The Dollar Difference Between Book Value and Intrinsic Value
At least 80 percent of Berkshire Hathaway's businesses are carried on the books that considerably less than they're now worth. "I don't think you can go from year to year and trace the intrinsic value precisely by changes in book value," Buffett says. GEICO is worth more than we carry it for because of accounting peculiarities, he adds.
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