Increase intrinsic business value

from Warren Buffett – Letter To Shareholders 2012 on Rap Genius

Meaning

“Intrinsic value” is a concept created by Warren’s mentor, Benjamin Graham

No matter what the stock price and market capitalization of a stock was, Graham thought that the ACTUAL value of the company was its earnings over the past 10 years

By this calculation, the Internet is worthless — a sign that it is a janky calculation

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