brk의 intrinsic value는 투자자산의 가치 (보험의 float를 포함), 비보험 사업의 이익, 유보이익의 미래 효용에 달려있다고 설명한다. 그러나 자산가치가 단기적으로는 가장 알기 쉬운 기준이 될 수 있다고 연차 보고서 맨 앞에 언급한다. 상식 그 자체이다.
BRK.A Price to Book Value data by YCharts
http://www.berkshirehathaway.com/reports.html
As I’ve long told you, Berkshire’s intrinsic value far exceeds its book value. Moreover, the difference has widened considerably in recent years. That’s why our 2012 decision to authorize the repurchase of shares at 120% of book value made sense. Purchases at that level benefit continuing shareholders because per-share intrinsic value exceeds that percentage of book value by a meaningful amount. We did not purchase shares during 2013, however, because the stock price did not descend to the 120% level. If it does, we will be aggressive.
BRK.A Price to Book Value data by YCharts
